Salt Lake City Bankruptcy Attorneys

Frequently Asked Questions (FAQ)

How do I know if bankruptcy is right for me?
Deciding whether to file for bankruptcy is a very important decision – one that requires a careful review of your particular debt, liabilities and assets in order to make an accurate evaluation of what will be best for you. Everyone has different goals in regards to their finances and is facing different problems. That is why a personalized evaluation by a skilled bankruptcy lawyer is so important.

How can an attorney help?
A Salt Lake City bankruptcy attorney can go over your situation with you. This may include reviewing your debt, bills, income and property in order to evaluate the effects that bankruptcy would have on you both now and in the long term. In doing this and taking your financial goals into account at the same time, an experienced attorney will be able to help you come to a decision about whether to file. Then, an attorney can assist you through the entire bankruptcy process in order to help ensure that: your property is protected, all eligible debts are discharged, all collection efforts are stopped and that your case is concluded successfully. Bankruptcy is a legal proceeding, and it can be highly complex. That is why a bankruptcy attorney will play such a major role in the successful outcome of your case.

What is Chapter 7?
Chapter 7 is a form of bankruptcy which is also referred to as “liquidation.” In Chapter 7 proceedings, the debtor’s assets are liquidated by the bankruptcy court and the proceeds are distributed between creditors. Following a successful conclusion of Chapter 7 bankruptcy, all of the debtor’s eligible debts are discharged.

What is Chapter 13?
Chapter 13 bankruptcy is also referred to as “reorganization” or a “wage earner’s plan” and is beneficial to debtors who have steady income but still need to file for bankruptcy. Under Chapter 13, your debts are reorganized and a payment plan is worked out for a three to five year period. Following the completion of your payment plan, remaining eligible debts are discharged.

What debt can I discharge via bankruptcy?
Virtually all debts – including credit cards, personal loans and more – may be discharged in bankruptcy proceedings. However, certain student loans and tax debts are not eligible to be discharge, along with child or spousal support obligations.

Can I ever re-establish my credit?
It is a common misconception that you will never have good credit again after filing for bankruptcy. The opposite is actually true. If you address the situation properly, you can begin taking action to rebuild your credit immediately after your bankruptcy is concluded. A Salt Lake City bankruptcy lawyer at our firm can help you understand ways to rebuild your credit, which apply to your particular situation.

Contact a Salt Lake City bankruptcy attorney at the Stone Law Firm today.