Every state has different rules and regulations regarding the filing of chapter 7 bankruptcy. The state of Utah’s no different. For that reason, if you live in Salt Lake City and your personal finances have gotten to a point where the only option you have is to file for bankruptcy, you’ll need to know a bit more about the process before you can adequately decide if filing Chapter 7 in Salt Lake City is the right financial move for you and your family.
The first thing that you’ll need to understand about filing Chapter 7 in Salt Lake City is that pursuant to Utah state law, you will need to first enroll in a financial counseling course. Given the fact that your finances have gotten to the point to where you are considering bankruptcy, there’s a good chance that you may have already participated in a financial counseling program. If you haven’t, you will be required to before you can file a petition for bankruptcy.
Chapter 7 bankruptcy will typically help liquidate a great deal of your debts and help you start out with a clean slate. However, some debts the court will try to satisfy through the liquidation of certain assets. It’s important to understand that necessary assets such as your home and vehicles you use for transportation to and from work will be exempt from any demands for liquidation. There are homestead and automotive exemptions that exist within Chapter 7 bankruptcy law in Utah.
The reality is that bankruptcy proceedings can be extremely complicated and difficult for anyone without a law degree to completely understand. For that reason, if you are considering filing for bankruptcy you may want the legal team of Lewis Adams and Associates on your side helping you through this process. This law firm can file the petition for chapter 7 bankruptcy on your behalf with the courts and they can guide you through all steps the courts will require you to follow in order to successfully petition and complete the bankruptcy process. If you have any questions regarding Chapter 7 bankruptcy, you can either contact this law firm over the phone or you can visit their website to get more information on the bankruptcy process.