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Salt Lake City Bankruptcy Law Blog

Does filing for Chapter 7 mean I have to give up my stuff?

Chapter 7 bankruptcy is commonly known as liquidation bankruptcy, which means that the sale of certain assets may go toward paying off some debt. For this reason, many people fear that filing for this type of consumer bankruptcy could mean that they have to give up their property and lose what is most important to them, a fear that could hold them back from taking a positive and beneficial step.

If you find yourself overwhelmed by debt and facing harassment from creditors, you may find that filing for Chapter 7 bankruptcy is a way for you to gain relief from your burdens. Fortunately, taking this step does not necessarily mean that you will have to give up your property.

Can you file for Chapter 7 bankruptcy? Let's find out.

Your financial situation got out of control. The uncertainty of your future could make you struggle to find a solution. Like many other Utah residents, you may have cut your expenses and tried to negotiate with your creditors. Unfortunately, that didn't stop their relentless pursuit of payment through phone calls, emails and letters.

You tried other options, but now you feel as though your best option involves filing for Chapter 7 bankruptcy. Your next question may be whether you qualify. This article explores the requirements for filing.

How financial education fits into the bankruptcy process

For many individuals, bankruptcy can provide the opportunity for a fresh financial start. But how do you know bankruptcy is the right way to address your financial difficulties? And if you do file for bankruptcy, will you know how to prevent financial problems in the future?

Luckily, some of the answers to these questions are built right into the federal bankruptcy process. Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, in order to file for individual bankruptcy:

Regaining control over credit card debt

Many Utah residents have high amounts of credit card debt. Like many of these individuals, you may struggle to meet your financial obligations because of this debt. We wanted to take a moment to provide you with some things that you can do to regain control over this debt, and help you build a better financial future. 

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