What to Expect: The Bankruptcy Process

Bankruptcy Process | Utah Debt Relief Law Firm | Salt Lake City Bankruptcy Lawyer | Ogden Bankruptcy Attorneys

At Arnold, Wadsworth & Coggins Attorneys, you can consult with an experienced bankruptcy attorney who will go over your unique circumstances with you and review with you the wide-ranging legal options available to you for relief, including the option of bankruptcy. Our attorneys are very understanding of the varied difficult circumstances unique to each individual, we always offer a supportive environment, and we will keep all personal and financial discussions strictly confidential.

In considering bankruptcy options, your attorney will help you go through the means test to determine if you qualify for the benefits of Chapter 7 bankruptcy. Your attorney will also review your assets to identify exempt property and to identify what, if any, property is vulnerable to liquidation. You will also be able to review potential debt reorganization options under Chapter 13 bankruptcy. Your attorney will help you make an educated decision on whether bankruptcy, or some other alternative will best serve your individual needs.

Filing for Bankruptcy

If you decide to take the first step towards bankruptcy, your attorney will assist you with the financial disclosures and necessary paperwork to file with the court. Upon filing, you will initiate the rights of the automatic stay which will prohibit further collection efforts against you for a time. Your attorney will ensure that the automatic stay is properly enforced and handle any creditors who may try to circumvent it.

In a bankruptcy case, you will be appointed a trustee who will consult with you and your attorney (as well as with your creditors) about your finances, exemptions, etc. that you will have previously prepared with the help of your attorney. In Chapter 7 bankruptcy, the trustee will take possession of any assets that were determined to be part of the bankruptcy estate (nonexempt assets) and will handle the sale of those assets and distribution of proceeds to creditors. In Chapter 13 bankruptcy, you will file a plan, for court approval, to devote your future disposable income towards the repayment of your debts over the course of the next 3 to 5 years. Completion of either bankruptcy procedure will result in the discharge of all qualifying debt.

Have your Questions Answered

If you have questions about how we can help you with your situation, or if you think you would like to initiate bankruptcy proceedings, call Arnold, Wadsworth & Coggins Attorneys today at (801) 475-0123. Your initial consultation is free. We are a debt relief law firm.

Find out more about bankruptcy. View the other pages in this section to get a better understanding about the process.