Chapter 7 Bankruptcy
What is Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy is the most common approach to getting a fresh financial start. Most chapter 7 cases are 'no asset' cases, meaning you don't own anything valuable enough for a bankruptcy trustee to take and liquidate. Most personal property such as clothes, guns, furniture, vehicles, and even homes are exempt from liquidation under Utah state law.
Will I lose any of my assets or property if I file chapter 7 bankruptcy?
If you own assets with a value higher than Utah's exemption limits, experienced bankruptcy attorneys at Morrison + Murff can help you carefully plan in advance and take lawful steps to ensure nothing will need to be turned over to a bankruptcy trustee.
Will filing chapter 7 bankruptcy stop a garnishment or lawsuit?
Chapter 7 Bankruptcy stops creditors and collections immediately. The automatic stay takes effect the moment you file your case. This means creditors must stop calling you at home or work, garnishing your wages, foreclosing on your home, suing you, or virtually anything type of collection action. Chapter 7 bankruptcy even halts IRS levies on your wages.
What type of debt can be discharged in a chapter 7 bankruptcy?
Debts commonly discharged in Chapter 7 bankruptcy include the following:
- Credit cards
- Taxes provided they meet certain rules
- Medical bills
- Payday loans
- Personal loans
- Social security over payments
- Judgment Debts
Some Debts that are not discharged in a chapter 7 bankruptcy include:
- Child support
- Criminal fines
- Recent taxes
How long does a chapter 7 bankruptcy case take?
At Morrison + Murff, we can help you get your case filed quickly. We offer same day filings in urgent situations and in most other cases can usually have your bankruptcy ready to file within a few days of receiving the necessary documents and payment from you.
Once you file your case, you will have a brief meeting scheduled with a bankruptcy trustee approximately one month later to review your case. An attorney from Morrison + Murff will attend the meeting with you and ensure it goes smooth. Sixty days from your meeting, you will receive a discharge. A bankruptcy discharge is a signed court order from a judge notifying your creditors that your debts have been permanently discharged and they are forever barred from collecting from you again. If the Trustee in your case has no further requests of you, the case will be closed and you can move forward with your clean slate.
How long does a Chapter 7 Bankruptcy stay on my credit report?
We live in a world where a credit score can determine what job you can get, where you can live, how much you pay for insurance, and many other unfair applications. We arm you with the knowledge you'll need to quickly rebuild your credit score. While a bankruptcy notation can stay on your credit report up to 7-10 years, you can obtain excellent credit within 1-2 years after filing bankruptcy provided you take steps to heal your credit. Many of our clients have purchased homes within 2 years after filing, and in some cases even sooner.
This is possible because you can begin healing your credit immediately upon discharge of your case. At Morrison + Murff, we believe restoring your good credit after bankruptcy is essential to a fresh start and future success. Unfortunately, we live in a world where a credit score can determine what job you can get, where you can live, how much you pay for insurance, and many other unfair realities. We will arm you with the knowledge you'll need to quickly rebuild your credit score after bankruptcy.
At Morrison + Murff, we review your credit reports after your bankruptcy discharge as part of the service we provide. We dispute any negative or inaccurate credit reporting, and even sue creditors on your behalf who refuse to comply with the bankruptcy discharge, at not out of pocket cost to you.
If you would like to discharge your debts and move forward debt free, we have the tools to help you succeed. At Morrison + Murff, our team of skilled lawyers can help you make the most suitable and sound financial decisions for you and your family.
For more than 10 years, we’ve offered our clients a “fresh start” with chapter 7 bankruptcy in Ogden, Sandy, Logan and the surrounding areas. Let us help you change your life today.
As a caring team of bankruptcy lawyers and trustees, we will represent you during every phase of your bankruptcy. We’ll ensure you no longer receive calls, emails, or letters about garnishments, tax levies, and other forgiven debts. You will feel protected against creditors and won’t be faced with repossessions, foreclosures, and evictions.
How Much Does Chapter 7 Bankruptcy Cost?
At Morrison + Murff, we understand how tight your financials are by the time you come and see us. We offer a free consultation where one of our experienced bankruptcy attorneys will help you determine what the best course of action is and will quickly quote you a reasonable bankruptcy fee tailored to your specific situation.
As a caring team of bankruptcy attorneys, we will represent you during every phase of your bankruptcy. We’ll ensure you no longer receive calls, emails, or letters about garnishments, tax levies, and other forgiven debts. You will feel protected against creditors and won’t be faced with repossessions, foreclosures, and evictions.
At Morrison + Murff, we're committed to helping you lift the burden of financial hardship and get out of debt with chapter 7 bankruptcy in Logan, Sandy, Ogden and the surrounding areas. Contact us on the form on our website or at 801-456-9933 for a no obligation consultation.
We look forward to meeting with you and finding the right solution for your financial situation.
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