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Utah Personal Bankruptcy Information (Definitions)

The following are common terms used on this site regarding personal bankruptcy information in Utah:

Assets

Any property that a business or individual owns.

Automatic Stay

This injunction stops the creditor from attempting to collect from the debtor. An automatic stay takes effect immediately after the debtor files for bankruptcy.

Chapter 7

The Utah bankruptcy court seizes non-exempt assets owned by the debtor and sells them to pay the creditor. A Utah bankruptcy attorney will help you protect your property in this process. This is the most common Utah person bankruptcy.

Chapter 13

The Utah bankruptcy court permits the debtor to retain his or her assets. The court requires the debtor to make payments to its creditors according to a repayment plan, which is approved by the court.

Creditor

The business or individual that is owed money by a debtor.

Debtor

The business or individual that owes money to the creditor.

Discharged Debt

Debt that the debtor no longer legally responsible to pay and removes it from the debtor’s credit history. A Debt discharge will be awarded by the Utah bankruptcy court by successfully completing bankruptcy.

Equity

The dollar amount that an asset can be sold for in excess of the money owed on the asset.

Exempt Assets

Property that state and federal laws protect. This property will not be taken from the debtor. A Weekes Law bankruptcy attorney will help you understand these laws and protect your property.

Non-Exempt Assets

The property that the Utah bankruptcy court takes from the debtor and sells (liquidates) to pay the creditors.

Get Started: Submit a Free Evaluation Form

Now that you understand the important Utah bankruptcy terms, you are ready to begin the process of returning to financial stability. Submit a free evaluation form and let our experienced Utah bankruptcy lawyers help you recover from debt and accomplish your financial goals.

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Which Chapter of Bankruptcy is Right For Me?

Utah Chapter 7 Bankruptcy

Chapter 7 in Utah is often called a liquidation. In chapter 7 you are entitled to keep all your “exempt” property–or property that is protected. Any non-exempt property may be liquidated or sold on behalf of your creditors. Most people that file for chapter 7 don’t lose any property.

To find out how chapter 7 will impact your property, schedule your free Utah bankruptcy consultation today!

Our Utah Bankruptcy Attorneys will help you understand your situation and guide you through the entire process.

Utah Chapter 13 Bankruptcy

Chapter 13 in Utah is a debt consolidation and repayment plan. Generally, your plan repayment plan amount will be based on your disposable income. The repayment plan will normally last between 36 and 60 months.  Chapter 13 is appropriate when:

  • You have a higher income
  • You have more substantial assets
  • You want to avoid foreclosure
  • You want to avoid repossession
  • You want to restructure a secured loan such as a mortgage or auto loan

To find out how chapter 13 can help you, schedule a free consultation today!

Why Our Clients Choose Capstone Law

Flexible Payment Options

Whether you pay the full attorney’s fees upfront or select our low upfront bankruptcy option, you will be able to make flexible payments to pay for bankruptcy.

Experienced Utah Bankruptcy Attorneys

Get the experience you need to ensure your case is handled with the attention and care you deserve. We handle each case as if you were family…because to us you are.

Affordable Utah Bankruptcy

Unlike most Utah Bankruptcy Attorneys, we make obtaining the financial relief you need affordable with our flexible payment options.

Friendley & Compassionate Staff

We know we are biased, but we think our staff is simply the best. They are friendly, understanding, knowledgeable and very experienced.

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