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Bankruptcy

Bankruptcy is a court-supervised legal process that helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses.

In Utah, as in all states, bankruptcy is governed by federal law, specifically the U.S. Bankruptcy Code. Individuals and businesses in Utah may file for bankruptcy under Chapter 7 (liquidation), Chapter 13 (reorganization for individuals), or Chapter 11 (reorganization for businesses) depending on their specific circumstances. Chapter 7 bankruptcy allows for the liquidation of non-exempt assets to pay off creditors, while Chapter 13 and Chapter 11 involve creating a repayment plan to pay back debts over time. Utah has its own set of exemptions that determine what property a debtor can keep in a Chapter 7 bankruptcy. These exemptions are outlined in the Utah Code and can include items like a primary residence, personal property, and retirement accounts, among others. The U.S. Bankruptcy Court for the District of Utah is the federal court where Utah residents and businesses will file their bankruptcy cases. Bankruptcy can offer a fresh start for those overwhelmed by debt, but it also has long-term financial and legal consequences. Therefore, consulting with an attorney to understand the implications and navigate the process is advisable.

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State Statutes

adversary proceeding assumption of contracts, leases automatic stays

Chapter 11 bankruptcy Chapter 12 bankruptcy Chapter 13 bankruptcy Chapter 13 bankruptcy — confirmation hearing Chapter 13 bankruptcy — disposable income Chapter 13 bankruptcy — eligibility Chapter 13 bankruptcy — repayment plan Chapter 7 bankruptcy Chapter 7 bankruptcy — changing trustee Chapter 7 bankruptcy — conversion to chapter 11, 12, or 13 Chapter 7 bankruptcy — discharge Chapter 7 bankruptcy — eligibility Chapter 7 bankruptcy — means test Chapter 7 bankruptcy — no assets cosignors courts creditor claims — secured, unsecured, priority

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estate exemptions

hardship discharges homestead exemption

involuntary bankruptcy

liquidation

nondischargeable debt nondischargeable debt — alimony nondischargeable debt — child support nondischargeable debt — fraud nondischargeable debt — student loans

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reaffirmation of debt reorganization plan

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Understanding the Different Personal Bankruptcy Chapters

At some point in life, many of us will face financial hardships. When debt becomes overwhelming, one potential avenue of relief is filing for personal bankruptcy.

Understanding Personal Bankruptcy: Types, Eligibility, and Consequences

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Bankruptcy

Individual & Family Legal Plan

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Utah State Code

Utah State Code

Bankruptcy

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