What is Bankruptcy?

Have you spent a month or even years running from exceptional amounts of debt? Those individuals with substantial amounts of debt may be seeking relief from the burden of creditors and the stress of unpaid bills. Filing for bankruptcy, although not a solution for all, is a chance for those suffering under the pressure of financial woe to wipe the slate clean. At Bankruptcy Utah, we cover several types of bankruptcy, but the most common is Chapter 7.

What is Chapter 7?

Chapter 7, often referred to as liquidation bankruptcy is used to wipe away common types of debt that are considered “unsecured”. Most commonly these types of debt include:

  • Medical Bills
  • Credit Card Bills

Although correctly filing for Chapter 7 bankruptcy means not having to pay back those balances through a repayment plan, bankruptcy should always be considered a last resort.

Who Should Consider Bankruptcy?

Filing for bankruptcy can provide quick relief for those struggling to make payments, or for those with serious financial concerns that are affecting or beginning to affect their ability to work, their relationships with family, or their health. It is, however, important to understand what bankruptcy will mean for your future. It is not to be taken lightly and requires cooperation. That being said, filing does mean a temporary stay will automatically be put on your current debts. This becomes an important factor for those facing garnished wages, foreclosure, and constant creditor calls.

The Process

We’re not here to steer you into filing for bankruptcy, and we’ll only file once we’ve completely gone over the process together. First, we’ll focus on how best to protect yourself, your assets, and see if any debts can be discharged.

  • Review your unique financial situation
  • Discuss possible solutions other than bankruptcy
  • Discuss Chapter 7 filing from start to finish
  • Answer any questions you may have

Your consultation is an opportunity to get a professional appraisal of your current financial status, and to make sure that Scott Blotter is the correct fit for you.

1. Answer all questions fully, openly, and candidly. For us to understand what needs to be addressed in your case an attorney will discuss your personal finances and debts. It can be a difficult matter to discuss personal finances with an attorney you’ve only just met but rest assured that we’re here to help you assess your current situation without judgment. It’s likely that your individual case is similar to other’s we’ve already seen.

The information you can provide is vastly important to share with your lawyer up front. Being clear means our attorneys can provide better advisement. Feel comfortable to answer questions completely.

2. We will provide you material you must read and a list of documents you’re required to compile before filing. We strongly suggest you read this material thoroughly and as immediately as possible. Please be sure to make an appointment with us as soon as those papers are sent to you. The worksheets will help you understand what type of information and documentation will be required from you prior to filing.

3. Filing your case. Once the required documentation has been provided, and we’ve gone over your potential case, we can begin filing. We may even be able to file on the same day or the day after your initial meeting.

Before and After Your Consultation

Bring required documents.

To help us prepare for your consultation, we ask that you prepare the required documents for filing before your appointment. To prepare your case, we’ll need accurate and complete information. Compiling paperwork can be daunting, to help you stay organized, the bankruptcy worksheet we provide contains all the information we’ll need from you. Here are some of the pertinent documents we require.

  • Identification
    • Drivers License
    • Social Security Card
    • Any other official document that may replace your social security card, if it has the full number on the document.
  • Proof of income. This will include all paycheck stubs, checks, or documentation for income received during the 7 months prior to the filing of bankruptcy. This may also include records for:
    • Child support
    • Alimony
    • Social Security
    • Disability
    • Retirement
    • Pension
    • Investments
    • Dividends
    • Interests
    • Any other income
  • Household expenses
  • Income tax returns
    • Returns for the past 4 years
  • Banking records
  • Property documents
  • Account statements
    • Statements from your checking and savings accounts
    • Statements from your most recent retirement account and investment account
    • Account balance

Ask Any Questions

Use this consultation to ask any and all questions that you may have about different Chapter filings and the process itself. We’re here for you and here to get you out from under your burden of debt. If you’re unclear about how documents will be used in your case, how to obtain documents that you do not have on hand, etc. contact our offices before your appointment.

To help us begin filing quickly, please return additional requested forms and documents as soon as possible.

After our consultation, we made need further documents or forms from you. Please be sure to return or send those documents to our offices as soon as possible. We may need them before we can complete your case file.

Call Us Today

If you’re looking to file for bankruptcy, know that you’re not alone. We can help you decide whether or not this is the right option for you. If you’d like to meet with an experienced attorney for a bankruptcy consultation, get in touch with our office today. We can help you understand the process of bankruptcy and advise you on what you’ll need for your case. Let Bankruptcy Utah advocate for you.