If you are going through a difficult time and you have overflowing debt and other unpaid fees, you might be considering filing for bankruptcy. Chapter 7 is the most preferred option for many.
A Chapter 7 bankruptcy attorney in Salt Lake City can help you understand the situation and the actions you can take.
Causes of Bankruptcy
Are you currently on a job hunt, going through a tough divorce, or looking at a long list of medical expenses? These problems can make you qualify for Chapter 7 bankruptcy. On the other hand, businesses that wish to file for bankruptcy must choose a different type, such as Chapter 11.
Filing For Chapter 7: What to Expect
The time it takes to complete filing process is three months to half a year, which is considerately a short amount of time. Once you decide to file, you will be on “automatic stay”, which stops people from collecting money for your debts. However, there are two types of debt that you will have to sort out with your lawyer. These are dischargeable and non-dischargeable debts.
Dischargeable debts include credit and medical bills, which can be removed and lift the weight of some debt off your shoulders. Non-dischargeable debts include child support, student loans, etc. These debts may not be lifted, but if most of your debts were from dischargeable debts that were lifted, you may be able to pay off your non-dischargeable debt. Chapter 7 is a good option for those who have a low salary with little assets available.
If you find that your dues are now too much for you to handle, getting help from an experienced attorney is a wise move. A lawyer can guide you through the difficult times and provide the information and legal help you need.