At Arnold, Wadsworth & Coggins, our bankruptcy lawyers will tell you that a Chapter 7 Bankruptcy does not involve any court protected repayment plan and will legally eliminate your unsecured dischargeable debt such as credit cards, medical bills, most judgments and garnishments, repossession debt, eviction or broken lease debt, some taxes, and past due utilities. The debt is eliminated through what is called a legal discharge. A Chapter 7 discharge is not an absolute right, but most individuals experiencing financial difficulty will qualify. Call the bankruptcy lawyers at Arnold, Wadsworth & Coggins for a free consultation to see if a Chapter 7 Bankruptcy is right for you.
In Chapter 7 bankruptcy, you will be required to continue making payments on your secured debt, such as house and car payments, in order to keep the collateral securing the loan (the house or car). It is important to let the lawyers at Arnold, Wadsworth & Coggins know about any and all mortgages and car loans that you currently have. Your agreement to continue making these payments is called a reaffirmation agreement. In Chapter 7 bankruptcy, you do not have a right to modify your car payments. (Chapter 13 bankruptcy does provide this right through a debt adjustment. For those with high car payments a Chapter 13 bankruptcy may be more helpful and appropriate.)
With offices in Salt Lake City and Ogden, the bankruptcy lawyers at Arnold, Wadsworth & Coggins can provide you with the information you need, including about state exemptions. Get the facts from bankruptcy attorneys who understand federal bankruptcy laws and Utah state exemptions before you make any decisions. The Bankruptcy Lawyers at Arnold, Wadsworth & Coggins put their years of experience to work for you. We have helped people utilize the Chapter 7 bankruptcy laws to gain a fresh start, and chances are excellent that we can help you, too.
Call the bankruptcy lawyers at Arnold, Wadsworth & Coggins Attorneys today for a free consultation at(801) 475-0123.
