Utah Bankruptcy Attorney
As a law firm that is focused on bankruptcy and debt relief, we take calls daily from people who want to learn more about the process of bankruptcy. We provide below some of the most commonly asked questions we address and their answers.
Frequently Asked Questions
Q - Will I lose my property?
A- If you have significant assets, you can file for Chapter 13 bankruptcy and you will not lose any of your property to liquidation. While some assets may be subject to liquidation in a Chapter 7 bankruptcy, most of the people who file for Chapter 7 bankruptcy are able to maintain a considerable share of their property through bankruptcy exemptions and debt reaffirmations.
Q- What is the difference between Chapter 7 and Chapter 13?
With a Chapter 7 bankruptcy, you can discharge all of your unsecured debts, like credit card debt and medical bills. With a Chapter 13 bankruptcy, you pay back a portion of debt in relation to your ability to pay, and the rest of the debt may be discharged. Our attorneys are experienced in both Chapter 7 and Chapter 13 filings.
Q- Can I stop a Home Foreclosure?
A- Through a Chapter 13 bankruptcy, you may be able to stop a home foreclosure. Through a bankruptcy court approved debt repayment plan, you can pay your mortgage arrears over a period of time. However, you must have the financial ability to pay your current home loan and an additional payment to pay back your mortgage arrears gradually over the course of a three- or five-year debt repayment plan.
Q- What type of debts are dischargeable?
A- Most types of debt are dischargeable through a Chapter 7 bankruptcy. You may discharge credit card debt, medical bills and other unsecured debts. Federal income taxes that were timely filed and that are three years old from the date of filing may be potentially discharged as well. As a general rule, you may not discharge student loans and child support.
Contact Us to Learn More
To learn more about bankruptcy, contact the law office of Theron D. Morrison at one of our convenient office locations in Ogden, Sandy or Logan, Utah. To schedule a free consultation with a lawyer at our firm, call 801-528-4883 or contact us by e-mail.
