Personal Bankruptcy Information Utah
Learn Important Utah Personal Bankruptcy Information (Definitions)

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


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

Debtor or Debtors

The business or individual that owes money to the creditor.

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 Bankruptcy

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. Find more information about chapter 7 on our Utah Chapter 7 Bankruptcy page.

Chapter 13 Bankruptcy

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. Chapter 13 cases have more tools to restructure debt such as a Cram-down and a reduction of interest on secured debts.  Find more information about chapter 13 on our Utah Chapter 13 Bankruptcy page.


Any property that a business or individual owns.

Non-Exempt Assets

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

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.


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

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.


A bankruptcy rule that protects certain property from attachment or liquidation in bankruptcy.

Section 341 Meeting/Creditor Meeting

A hearing held in a bankruptcy case that is conducted by the trustee to question the Debtor(s) under oath about the information provided in their bankruptcy papers. This meeting is usually held 4-6 weeks after the bankruptcy case is filed. The meeting is scheduled for a group of usually 8-10 cases. the meeting is scheduled for an hour, but each case usually only lasts for 5-10 minutes.

Free Bankruptcy Consultation

  • (Please click button only once)
  • This field is for validation purposes and should be left unchanged.

File Fast With Our
Affordable Bankruptcy Program

Eliminate the cost hurdle to get your case filed.

Get your case filed fast for $0 Down. That’s Right! Our Affordable Bankruptcy Program will get your case filed to stop garnishment, repossession, foreclosure, and creditor actions…and then we’ll setup small monthly or biweekly payments to complete your case, so you can pay the rest over time.

Client Reviews

Easy to work with, explained in full detail!! Happy that I choose these guys!! Continue Reading

More Testimonials

Tricia H.

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.

Call Now