Are you filing bankruptcy in Utah? There are several things you will need to know about filing bankruptcy and what you need to do to help the process move along quickly. At LeBaron and Jensen in Layton, Utah we have a qualified team of attorneys ready to help you with your bankruptcy case. Use our list of Utah bankruptcy guidelines to help you with your case.
How to File Bankruptcy in Utah
There are multiple laws that you need to follow in order to file bankruptcy. The 2005 Bankruptcy Act does require all individual debtors who file bankruptcy to undergo mandatory credit counseling within six months before they file bankruptcy. Credit counseling courses are designed to help clients understand how to manage their finances to prevent future financial problems. A financial management instructional course must be finished after filing bankruptcy. The 2005 Bankruptcy Act also has a means test that is used to analyze if you qualify for a Chapter 7 bankruptcy or if you need to file Chapter 13 bankruptcy. The means test requires the court to examine your income for the previous 6 months and will compare it to the median income for Utah.
Collecting Paperwork – Utah Bankruptcy Guidelines
To begin the bankruptcy process, you need to gather the right paperwork to file. Our Layton bankruptcy office will provide you with a checklist of items from the bankruptcy guidelines you need to start the process. Here are some of the documents needed to file bankruptcy:
- Itemize your current income sources
- Monthly living expenses
- Debts (all secured and unsecured)
- All property (assets and possessions in addition to real estate)
- Tax returns for the previous two years
- Real estate deeds
- Car titles
- Loan documents
Filing Bankruptcy in Utah
Bring all the paperwork to our Layton office and we will help you determine which bankruptcy you need to file. Paperwork must be filed at the correct Utah district bankruptcy court. The forms that need to be filed will discuss your current financial situation and recent financial transactions. The requirements for Chapter 13 are different for Chapter 7, which is why we recommend you contact our office to discuss your current financial situation and what we can do to help you regain your financial life.
After the paperwork has been filed with a bankruptcy court an automatic stay will go into effective immediately. An automatic stay will prevent creditors from making contact with you or staking claim to your property. An automatic stay can stop foreclosure proceedings, which allows you to save your home!
Once you file, the courts will assume legal control of your debt and property that is not covered by your Utah exemptions. A trustee will be appointed to your case and they will oversee that your creditors are paid as much as possible. A trustee will review the paperwork, your assets, and exemptions you wish to claim. The trustee can challenge any element of your case, which is why it is essential to work with our bankruptcy office in Layton to ensure the paperwork is filled out correctly and filed with the appropriate court.
341 Meeting of Creditors
About 30-45 days after filing, the trustee will call a first meeting of creditors. The debtor must attend the first meeting of creditors. During the 341 meeting, debtors can be questioned about the legitimately of certain aspects of the plan. Negotiations between the debtor and creditors normally occur at this time.
The attorneys at LeBaron and Jensen know that filing bankruptcy is a very stressful time in someone’s life. Following these Bankruptcy Guidelines can help lessen that stress. Let us help you take care of you and your specific situation, so that you may have some peace knowing things will be taken care of correctly. Contact us today!