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Salt Lake City Bankruptcy Attorneys Help You Recover from Debt with Chapter 7 Bankruptcy Protection

Lawyers answer the question “Why file for Chapter 7?”

Chapter 7 is a type of bankruptcy in which you are telling the Court, “I cannot pay for anything more than my normal everyday living expenses. I am willing to contribute any assets that the law says I cannot keep for my basic support to be liquidated for the benefit of my creditors.” The Court then assigns a Trustee to determine if there are any assets that can be efficiently liquidated for the benefit of creditors. They will make that determination and you will be required to cooperate with their directives. After a period, during which creditors are allowed to ask the court to determine if your debt to them fits within narrowly defined exceptions to discharge, you are discharged or forgiven of all the debt you listed to the Court.

Some of the assets that can be exempted from a Chapter 7 bankruptcy are what are deemed to be the essentials for a household, such as your home, your car, your clothes, basic furnishings or your pension, IRA or 401(k). Additionally in a Chapter 7, you can continue to pay for items that are secured by debt, thus keeping those assets that are most important to your basic comforts of life. Smart, Schofield, Shorter is an experienced bankruptcy law firm that can help you determine if this is the right solution for your debt.

How we help you file

First, we help you decide if Chapter 7 is right for you. Next, we ask that you make a list of all your debts, assets and monthly expenses. A credit report can be helpful in obtaining that information and is available to you free at After that, we will meet with you and make sure all your necessary information is compiled so that we can file your bankruptcy petition with the court. You will have the opportunity to review in detail your petition prior to us filing since you are required to attest to its accuracy. You are required to attend a meeting of the creditors, where your creditors can decide if there is any debt for which they wish to object to discharge. You must also receive credit counseling and a debtor’s education class before and after filing. Generally, your debt is discharged about 90 days after filing your petition.

Chapter 7 alternatives

There are a few alternatives to filing Chapter 7. If you have no assets other than your exempt property, then you may be “judgment-proof” and do not need to file anything or pay your creditors. However, you will be required to attend various court hearings if sued. Furthermore, judgments can stick around affecting you for at least eight years and even more if the creditor renews them. If you have valuable non-exempt assets you want to protect from bankruptcy or you have disposable income, you can file Chapter 13 and establish a payment plan with creditors to repay your debts. A Chapter 7 bankruptcy attorney can do more than simply help you file; a lawyer can also provide valuable advice about your debt and how to avoid this situation in the future.

At Smart, Schofield, Shorter , we have helped countless individuals, families and businesses work through the challenging process of declaring bankruptcy. Work with us and gain the benefit of our knowledge and experience as you get your financial life back on track.

Call a Salt Lake City bankruptcy law firm that gets you out of debt

Smart, Schofield, Shorter has experience helping individuals and families seek bankruptcy protection. Make the Smart call. Call us today at 801-747-0647 or contact us online for a free consultation about your case.

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