Chapter 7 Bankruptcy
Would you like to completely eliminate your consumer debt? Do you want to wipe out credit card balances that seem to grow and grow each month? How about personal loans? Checking account overdrafts? Certain types of taxes can be discharged, would you like to discharge these tax debts? How about the crushing medical bills you face? What about utility bills which have fallen into arrearage???
All of the above referenced debts can be eliminated in a chapter 7 bankruptcy filing. Many of my clients have tried, in vain, to survive the onslaught of theseparticular debts. Often, they make the minimum monthly payments for years, while never lowering the principle balance of the debts. In fact, these debts actually accrue greater and greater principle balances because the minimum monthly payments don't even keep up with the interest rate at which the debts are accruing.
Chapter 7 is truly an opportunity to reclaim one's life. To unburden one's self and one's family from the unmanageable and oppressive debts that undermine the financial security and overall well-being of one's entire household. With a chapter 7 filing, you can reorganize your finances, you can liquidate impossible debt loads, and you can, quite simply, reorganize and reclaim your life itself!
The advantages of chapter 7 bankruptcy include the following:
- It's easy and straight forward. Simply retain me, and my staff will file all of the appropriate documents and schedule a court date in the United States District Court. I will represent you as a qualified attorney and handle all courtroom issues at your bankruptcy hearing.
- It offers relief from creditor harassment. By law, creditors are forbidden to harass you telephonically, via email, or even through the standard delivery mail, once you have retained counsel and filed for chapter 7. By law, all of the garnishment of wages, lawsuits, or repossession and/or foreclosure procedures… stop!
- It allows youto keep your property. In most cases, you can keep your home, your automobile, you retirement accounts, cash on hand, as well as all of your household furnishings and belongings.
- It actually can improve your credit rating. Imagine your future. Visualize the home, the car, or the material needs you will have moving forward with your life. After eliminating all of your debts, any future creditors will actually view you as a better credit risk… precisely because you had the forethought to free yourself from unmanageable debts. These future creditors realize that you won't be able to file another chapter 7 anytime soon, and that you have started over, fresh, reorganized, and recommitted to only taking on debts that you can manage. Combined, these factors will, over time, actually enhance your credit rating. As counter intuitive as it may seem, this is what I see happen with nearly all of my chapter 7 clients.
- It's fast. Liquidation and elimination of debt under a chapter 7 filing is usually completed, in its entirety, within 6 months or less.
You have the right to food, shelter and transportation… bankruptcy law generally recognizes these inherent needs one has to address in order to live and maintain employment, as well as provide for one's family. These "exemptions" are a provision in the law that allows you to sustain yourself, and your family, throughout this process and beyond.
Food, shelter, clothing and transportation costs are typical exemptions. While there are some exceptions to these exemptions, most of my clients are able to discharge 100% of their credit card debt and nearly always keep their homes, cars, and all personal possessions.
Although chapter 7 filings are an amazing way to eliminate debt and move forward with your life,there are, unfortunately, some debts that cannot legally be discharged… ever. These debts are, generally speaking, taxes, student loans, fines pursuant to criminal charges, any debts secured via fraud, child support arrearages, and alimony.
Is a chapter 7 bankruptcy filing right for me and my family?
The United States congress passed the "means test" process regarding chapter 7 debt liquidation in 2005. It states, in pertinent part, that anyone whom files for chapter 7 must earn a monthly income that is below the average income for the people in their geographic region. In our instance, Salt Lake County, Utah. If, in fact, you live above this income then you will need to file a chapter 13 instead of a chapter 7. I will guide and direct you towards the appropriate filing for you and your family at our initial consultation.
How much is all this going to cost me? How much will I pay for a chapter 7 filing?
I work with all of my clients to discharge their debts, regardless of their incomes, their professions, or their socioeconomic status. I believe that this process of eliminating debt and reorganizing one's life; this process in which we "fight back and get on track", is vital to all people. Therefore, I work with all types of budgets and backgrounds. I will develop a payment that works for you. Without a doubt, my attorney's fees are a very small amount compared to the vast amounts of debt I help my clients eliminate. Additionally, there are some court and filing fees, a "credit counseling course", and a "financial management course", all required by the 2005 bankruptcy law. These expenses are nominal.
My name is Craig R. Chlarson. Whether you are seeking to eliminate your debt, typically through a chapter 7 filing, or whether you are seeking to reorganize your debt, typically through a chapter 13 filing, or even if you have basic bankruptcy questions, call me today. I can help you.
To schedule an appointment, call (435) 901-3449
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299 South Main Street
13th Floor, Wells Fargo Tower
Salt Lake City, UTAH 84111
P | (435) 901-3449
F | (801) 961-4001