Experienced Bankruptcy Lawyers
Financial distress can take a toll on your life, including wage garnishing, repossessions, foreclosures, and strain on your relationships. Porter Law Firm is available to help clients overwhelmed by debt with our legal expertise, including professional counsel and representation for bankruptcy in Ogden, UT.
Types of Bankruptcy
In Utah, there are two primary types of bankruptcy that you may file when faced with financial distress. These types are Chapter 7 bankruptcy, also called liquidation bankruptcy, and Chapter 13 bankruptcy, also called reorganization bankruptcy. The experienced bankruptcy attorneys at Porter Law Firm are equipped to help you navigate either form of bankruptcy with diligence and precision.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, or liquidation bankruptcy, is a form of bankruptcy that wipes out most of the debtor’s debt. The process involves a bankruptcy trustee who will sell off property exempt to partially pay owed funds to creditors, which aids in eliminating most unsecured debts. This includes credit card and medical debt not tied to a specific property. However, it’s important to note that some types of debts, such as spousal support, child support, tax debt, and student loans, cannot be relieved by Chapter 7 bankruptcy. You also may be unable to discharge some recently accumulated debts.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is often used by people in debt who do not qualify for Chapter 7 bankruptcy as they do not pass the means test or exceed the median income. Chapter 13 bankruptcy includes using disposable income to repay part of the debt owed and entering a repayment plan. The repayment plan typically lasts three to five years, but varies depending on the person’s income and debts. The primary advantage of Chapter 13 bankruptcy is that the debtor will not have to lose their property during the bankruptcy process.
Who Qualifies for Bankruptcy?
To qualify for Chapter 7 bankruptcy, you will be required to pass a means test that determines whether your income is low enough to be eligible for this filing. If you are ineligible, you may be able to file for Chapter 13 bankruptcy instead. To file for bankruptcy, you must demonstrate an inability to pay your debts as they are due. It is always best to consult an experienced bankruptcy attorney before beginning your bankruptcy filing process to verify your eligibility and which bankruptcy route suits your unique situation.
When Can You File for Bankruptcy?
You may file for bankruptcy whenever you want as long as you meet the qualifications. There are specific times when filing may be more advantageous than others. For instance, if you are subject to foreclosure on a property or your wages are being garnished, bankruptcy can be beneficial in terminating these actions, allowing you to get ahead of your finances.
If you have previously filed for bankruptcy, there are time requirements before you can file again. For Chapter 7 bankruptcy, you will have to wait the mandatory eight years before filing again. However, you may file for Chapter 13 bankruptcy four years after a Chapter 7 filing. If you’ve filed a Chapter 13 bankruptcy, you must wait six years before filing a Chapter 7.
Understanding How to File for Bankruptcy
Bankruptcy is an intricate process that can be overwhelming and complex, as a significant amount of documentation is required. It’s important to work with a reputable bankruptcy lawyer like Porter Law Firm. Our experts will explain all the documentation you need for your bankruptcy filing and explain the process so you are well-informed. Once we have determined which bankruptcy type is best for you, our bankruptcy attorneys handle all the complex intricacies of your case, including filing paperwork, following up, and answering any questions or concerns that may arise.
Choose the Bankruptcy Lawyers of Porter Law Firm
Our experienced Chapter 7 bankruptcy attorneys and Chapter 13 bankruptcy attorneys have assisted clients facing enormous debt since 2014. Our attorneys have specialized expertise in bankruptcy to protect our clients’ assets and financial futures, ensuring the best possible outcome. Our professionals pride themselves on thorough, transparent legal assistance that enables our clients to feel comfortable and cared for throughout their hardships.
Contact Porter Law Firm Today for Bankruptcy Filing
While filing for bankruptcy is a difficult decision that requires an extensive review of your finances, it can be the most prudent action to relieve your debt, allowing you to start over with a clean slate. Call us today or fill out our contact form if you need an attorney for bankruptcy, and get started on your bankruptcy filing today.