When you file Chapter 7 in Salt Lake City, you are filing to have all, or at least most, of your debts removed from your credit history. However, some of your assets might be liquidated first in order to pay off some of your creditors. This is why it is not uncommon for people to refer to Chapter 7 in Salt Lake City as straight bankruptcy or liquidation bankruptcy.
Filing Chapter 7 Costs Money And Time
The important thing to keep in mind about filing Chapter 7 bankruptcy is that it takes a lot of time and money. Even when you consult with a law firm such as Lewisadams.com, you are still going to be in it for the long haul. This is a process that can take anywhere from four to six months to complete. The filing and court fees alone will cost about $300. This is not counting whatever you are paying your bankruptcy lawyer, of course.
Who Can File Chapter 7
It has to have been more than 8 years since the last time you filed Chapter 7 bankruptcy in order to file again, assuming you have filed before. It also must be proved that your income cannot realistically pay off your debts, even if you were put on a Chapter 13 payment plan lasting for three to five years.
When you fill out the Chapter 7 bankruptcy form there are a number of details that you need to know. It is a good idea to know this information beforehand so you can be prepared when you are filling out the form. You will need to describe the following in your application:
* Any Property You Own
* Your Current Income
* Your Monthly Living Expenses
* Your Debts
* Spending History
When you file for Chapter 7 bankruptcy you are going to be placed in an automatic stay. This just means that creditors will no longer be able to contact you about any money they owe you. This means that temporarily creditors would no longer be able to garnish your wages in order to get the money you owe them. They have to leave you alone until the outcome of the bankruptcy is decided.
