• Some Advantages:

    • Stops the harassment of creditors
    • Stops foreclosures, repossessions, and garnishments
    • Wipes out most outstanding debt
    • Consolidation of bills into an affordable monthly payment
    • Makes it possible for a person to rebuild their credit rating

    Some Disadvantages:

    • A bankruptcy stays on your credit report for up to ten years.
    • In a Chapter 7 bankruptcy, you may lose assets such bank accounts, stocks, vehicles that are free of a lien, and even your home if you have significant equity.
    • In a Chapter 13 bankruptcy, you must obtain court approval to buy a car or buy, sell, or refinance a home.  As long as the proposed transaction makes sense and does not harm creditors, the court should grant its approval.

    A Chapter 7 bankruptcy eliminates your debts, which allows you to make a fresh start.  It is also an asset liquidation, which means that non-exempt property (property that is not protected by law) is sold by a trustee and the proceeds are paid to your creditors.   Because most of your property is exempt, in most cases no property is lost.  If you might lose property, a chapter 13 will probably be the better case to file.  During the free initial consultation with an attorney, we will analyze your situation so you know which type of case to file.

    Filing a Chapter 13 bankruptcy case allows you to consolidate your debts into one monthly plan payment.  A Chapter 13 case stops foreclosure sales immediately and protects your property.  The typical case lasts from 3 to 5 years.

    Please call 801-521-3328 to speak with an attorney and  schedule an appointment.

    Your first meeting with an attorney is a no-charge, no-obligation consultation.  You don’t pay any fees unless you decide to file a case.   You are not obligated to file a bankruptcy case just because you meet with an attorney.  The first meeting with an attorney is a consultation.  The attorney will discuss your options and make recommendations; you make the decision whether or not to file.

    The court’s filing fee for a Chapter 7 bankruptcy is $306. The filing fee for a Chapter 13 bankruptcy is $281.  You will also need approximately $50 to complete the pre-bankruptcy credit counseling requirement.

    Chapter 7 attorney’s fees range from $875 to $1,000 in most cases.  The amount of the fees depends on the complexity of the case.

    A chapter 13 case is more complicated and requires much more of the attorney’s time.  The fees are higher but are consolidated into the monthly plan payment along with your debts.

    When you speak with one of our attorneys by telephone prior to the meeting, he will tell you.  It helps  if you complete our on-line bankruptcy questionnaire prior to the meeting.  Having that information at his fingertips will help him make helpful recommendations to you.

    A bankruptcy case may stay on your credit report for up to ten years.

    It usually take from three to four months to complete a Chapter 7 bankruptcy.  A Chapter 13 bankruptcy takes from three to five years.