What does it mean to file for bankruptcy?

What does it mean to file for bankruptcy?

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Min Austria
Assistant at Ascent Law LLC

Bankruptcy is a legal process that allows those struggling with debt to wipe out some of their obligations and get a fresh start. There are two kinds of bankruptcy: Chapter 7 and Chapter 13. Both offer unique benefits depending on your income and assets, and your goals. If you file for Chapter 7, you will be protected from most calls and lawsuits from creditors. However, this does not stop wage garnishments, and creditors can still collect support payments from you and your family. In addition, any criminal cases you are facing will continue regardless of the bankruptcy.

Once you file for bankruptcy, the court will appoint a trustee to manage the proceedings. This person will be responsible for handling creditors' debts, and will focus on determining whether the debtor's assets fall under the bankruptcy exemptions. The trustee will also arrange a "creditors' meeting" to discuss the debtor's situation. The meeting will last about five minutes.

People who are in financial trouble often file for bankruptcy because they have exhausted other options. Often, bankruptcy is the result of circumstances that people cannot avoid or have no control over, like a job loss or an unexpected medical expense.

If you have any questions or need a Bankruptcy Lawyer, please call this law firm for a free consultation.

Ascent Law LLC

8833 S Redwood Road Suite C

West Jordan UT 84088

(801) 676-5506

Utah Lawyer for Divorce Business Bankruptcy Probate Estates
Ascent Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you.
https://www.ascentlawfirm.com

Location: Alpine, UT 84004, USA

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