Here When You Need a Bankruptcy Attorney  

Close up of man's hands signing with a penIn a difficult economy, there are many circumstances that leave honest, hardworking people in tough situations. The stress mounts as creditors call, penalties accrue, and the money just isn't there to pay all the bills. In this situation, bankruptcy can be the best solution, allowing you to discharge your debt and start over.

With the help of an experienced bankruptcy attorney at the Froerer & Miles law firm in Ogden, UT, you can take steps toward a new beginning today. Contact our office to schedule your personal consultation.

About Chapter 7 Bankruptcy

Federal law gives every citizen the right to file for bankruptcy, which can immediately stop creditor harassment and foreclosure proceedings. When a bankruptcy court judge, known as a trustee, signs off on your case, some or all of your accumulated debt is permanently discharged.

Depending on your situation, filing for Chapter 7 bankruptcy can stop property repossession and wage garnishment and prohibit creditors from contacting you. Home utility services can be restored or their pending termination prevented. It is important to note that some obligations, such as child support payments, are not discharged by bankruptcy.

You can file Chapter 7 yourself, but any mistakes can be costly. Your case can be dismissed so you have to pay fees to re-file, and more than one dismissal may mean a waiting period before filing again. At Froerer & Miles, our attorneys stay abreast of changing bankruptcy laws and can ensure your best possible outcome.

Federal law gives every citizen the right to file for bankruptcy, which can immediately stop creditor harassment and foreclosure proceedings.

Liquidation and Exempt Assets

Under Chapter 7 bankruptcy laws, you will not be required to make any payments to creditors, and any income earned thereafter is yours. But, in the "liquidation" process, the trustee has the right to sell your non-exempt assets and distribute the money as owed. 

A list of exempt assets for a single filer in Utah includes*: 

  • Your 401K, IRA, or similar retirement plan (excluding any contributions in the past year)
  • Up to $30,000 equity in your home
  • Up to $3,000 equity in a vehicle
  • Major household appliances, beds, apparel, and stored food
  • $1,000 in additional furniture
  • $1,000 in animals, books, and musical instruments
  • $5,000 for items used in your trade or business
  • $250 for firearms and ammunition

* Note that all exemption amounts are doubled when spouses file jointly.

So, if you own a home with under $30,000 in equity ($60,000 for joint filing spouses), the home may be exempt from liquidation. The equity is the value of the asset minus the debt, and the value is the price of sale at auction. However, if the value is higher, the court may require sale of the home and pay you back the exemption amount.

It is important to know that bankruptcy doesn't eliminate a mortgage, lease, or loan that is tied to a secured asset, such as a house, car, furniture, or electronics. You will need to continue to make payments after bankruptcy or can lose your property.

Contact Us for Bankruptcy Help

Our bankruptcy attorneys also practice estate planning, family, and business law. For three decades our firm has offered caring assistance and affordable fees to clients throughout northern Utah. Contact us for a consultation today.

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