Ogden Bankruptcy Center

Utah Chapter 7 Bankruptcy

What is Utah Chapter 7

People often refer to Utah Chapter 7 bankruptcy as liquidation bankruptcy. The court requires that a debtor filing Utah Chapter 7 relinquish any non-exempt assets. The court will then sell those assets and split the profits between the creditors. The debtor then receives a discharge of debt by the court.

When the court discharges debt, the debtor is no longer responsible for paying that debt. A few of the most common types of debts that the court discharges in Utah Chapter 7 are:

Credit card debt
Signature loans
Medical bills
Car accident claims
Judgments
Leases
Business debt

Is Utah Chapter 7 Right For Me

Utah Chapter 7 bankruptcy is the most commonly filed form of bankruptcy. Most people who file this type of bankruptcy have very few non-exempt assets. Non-exempt assets are the property that the court will take and sell. People often file Utah Chapter 7 because they have overwhelming debt and not enough assets to pay that debt.

Debtors often find themselves in financial troubles because of a job loss, unexpected medical bills, excess credit card debt, etc. Utah Chapter 7 bankruptcy can help these people get back on top of their finances and get a financial fresh start. With the help of our attorneys, you can get a fresh start and be able to keep most, if not all, your assets.