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File for a Chapter 7 Bankruptcy in Utah

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Posted by admin on January 24, 2015 at 2:32 am

If you can’t satisfy the Utah bankruptcy court and you have legitimate expenses such as a medical condition, high utility bills, you might get in trouble. If you are on a budget, and let’s say your making $55,000 a year and you don’t have any significant assets then where is your money going? That’s the question.  You have to show the court where it’s going and if you can’t satisfy the bankruptcy court that you actually have these legitimate expense and can’t substantiate what that income is going towards then you have a budget issue and the only want to get out of bankruptcy is if you don’t have that budget issue according to http://ghentwebvalley.com/?p=87
Is there a certain amount of money I can make before I can presume not to file for a Chapter 7?
There’s actually a two-prong scenario before I can file for a Chapter 7. The first is you have to be under the state median for a family of your size.  If you are over that number you still may qualify but you need to satisfy the strict means test which is a mathematical formula using IRS guidelines for the amount allowed for the expenses.  If you pass that test you can still do chapter 7 if you are still making more than the state median. The second prong though which is very important is you must not have available money per month because even if you qualify under the median and you still have available money per month the court is going to require you to do a Chapter 7 per month and repay your creditors over the next three to five years.  What if you have twenty-five dollars available after the minimum allowable maximum expense? Well, twenty-five dollars a month is probably not enough to sustain a repayment plan over the months but if you have over $166/month then you can pay more than 25 percent of your debt over the next three to five years then Chapter 7 will not work for you. Speak to a Utah bankruptcy attorney, e.i. – http://utahdebtrelief.net/ before you do anything.
Chapter 7 is really for someone who can not afford to pay their bills and they don’t have significant income and nor do they have significant assets. 
First Step In Chapter 7 bankruptcy
According to http://utahchapter7bankruptcy.com/, The first step in the process is gather the debts that you have and gather your pay advice so either your paycheck stub or proof of social security and then meet with an experienced bankruptcy attorney who will interview you and see whether eyou qualify for Chapter 7. That is the very first thing that you need to do. 
You need check stubs and other financial documents like your most recent tax return.  You must file for the most recent year after Chapter 7 and that was made part of the amendment back in 2005.  Gather all your bills, bring them into your bankruptcy attorneys office and do an interview to see if you qualify and make some recommendations. 
What happens if you have a house and want to file Chapter 7?
It depends. The state of Utah allows you to keep a certain of ownership and equity on your property to keep it clear from creditors.

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