Salt Lake City, Provo & Ogden Bankruptcy Lawyers

Chapter 7 Bankruptcy

Understanding how Chapter 7 works is important in making the decision of whether to file, and what effects filing Chapter 7 bankruptcy will have on you now and in the future. At the Stone Law Firm, we offer a free initial consultation to give clients the opportunity to find out what their options are and have their questions answered before they make a commitment regarding legal counsel. An experienced, dedicated Salt Lake City bankruptcy attorney at our firm will be happy to meet with you regarding your situation and how Chapter 7 bankruptcy proceedings work.

How Does Chapter 7 Work?

Chapter 7 bankruptcy begins with the debtor filing a petition with the bankruptcy court in his or her area. In addition to the petition, the debtor must also file specific information and schedules regarding his or her: assets, liabilities, income, expenses, debts and more. Tax returns from the most recent year must also be filed with the bankruptcy trustee. Currently, to file for Chapter 7 you must have completed a mandatory credit counseling course. A certificate of completion for this must also be filed with the court. You must also pay specific fees to the court at the time of filing (your bankruptcy lawyer can help explain what these are).

Specific, detailed information must be provided to the bankruptcy court when filing Chapter 7. This information must be entirely accurate in order for your petition to be approved and in order for all of your eligible debts to be discharged. This is one of the many reasons that it is so important to work with an attorney when filing for Chapter 7 – as if your petition is denied you will be unable to file again for a set period of time.

Filing Chapter 7 will place an automatic stay on all collection efforts by your creditors – including any pending lawsuits or other actions.

Approximately 20 to 40 days after filing your Chapter 7 petition, your bankruptcy trustee will hold a 341 meeting, which is a meeting of creditors. As the debtor, you must attend this hearing and may be subject to answering questions addressed to you, under oath, by the bankruptcy trustee and creditors. Within 10 days of the 341 meeting, the bankruptcy trustee will then report to the court whether the case qualifies for Chapter 7 bankruptcy.

Salt Lake City Bankruptcy Attorney

The right Salt Lake City bankruptcy attorney will help ensure that your case goes smoothly and that your petition is approved – and that all possible debts are discharged. Get the fresh start that you deserve by working with an attorney at our firm and considering your options in filing for Chapter 7 bankruptcy.

Contact a Salt Lake City bankruptcy lawyer at our firm today!