According to the Chapter 7, your nonexempt property might be put on sale to pay off your creditors and at the same time your bankruptcy attorney can help you cancel many of your debts. As the property of the debtors is used in order to clear the dues of the creditors in the Chapter 7 so it is also called “liquidation bankruptcy” under the federal bankruptcy code.
When you bring your case up in discussion with your attorney by supporting it with all possible evidence that you have, he executes a detailed analysis on everything. And ask serious questions to you. Be truthful to your lawyer when you provide important facts and details about the case because he will need all possible information to prepare the case. And this is when he will review your financial condition to offer an effective solution to you.
Once your attorney declares that you are eligible to file a case under the Chapter 7 bankruptcy code in Salt Lake City, it will take four to six calendar months for the process to be completed. The overall cost of the entire process can easily jump up sterling $300 in administrative fee, consultancy fee, filing charges, and other expenses. And you will have to visit the courthouse once during the whole filing procedure.
Before you ever enter the court to present all the evidence accompanied by the case, you must review whether your credit counseling is authentic and powerful to back you up. There are a lot of legitimate trustees as well as attorneys who can help you out in this matter; they offer top-class credit counseling as well as debtor education at a fairly low cost to the customers. All you have to do it find out a good source in order to be in touch with someone reliable.
Sometimes you can tell prematurely whether you are eligible to file a case under Chapter 7 of bankruptcy code in Salt Lake City or not and that’s when you already received a bankruptcy discharge in the past depending on the type of case you filed and debt burden that you borne. When this is the case, you are free to go to file your case under other chapters such as chapter 13 of bankruptcy. The best way of finding your eligibility is consulting a bankruptcy lawyer as he might be able to guide you better on chapters and everything related to case using his broad knowledge and experience in the field.
To file a case for Chapter 7 in Salt Lake City, you need to complete a petition by filling out a number of forms with your state court or any other court of area. The forms will generally ask the following questions:
* Your assets; property
* Your monthly revenue and household expenses
* All the debts that you owe at the moment
* All those assets that the allows to keep with you through the process of case such as clothing, home, vehicles, social securities, and other trading tools. Property is called exempt property and it can’t be used in the case to pay off the creditors.
* Property that you purchased and owned in the previous two years
* Property that you have sold in the last two years
* Income that you have earned and spent in the last two years
There is a lot to know before submitting the form in the court. Therefore, you must schedule a meeting with your attorney before filling out the form for filing for the Chapter 7 bankruptcy. There are many guides available in the market that you can go through to broaden your knowledge and understanding on the subject. The more information you get the easier it will be to fight the case.
When need to determine whether you qualify for Chapter 7 bankruptcy or not, you should seek the help of those attorneys and trustees who specifically provide services for two particular chapters; Chapter 7 & Chapter 13. Luckily, there is a company that can help you get a better analysis of the case and its Lewis Adams and Associates, based in Salk Lake City.