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If you’re looking to file bankruptcy, Chapter 7 bankruptcy is usually the first goal. This is because Chapter 7 bankruptcy, if done correctly, discharges (forgives) all of your debt with only a few exceptions. However, qualifying for Chapter 7 can be difficult if you have high income. When we meet with you, we will discuss how to qualify for Chapter 7. Unfortunately it’s not just as easy as saying you make a certain amount of money. Rather, a lot of analysis, strategy, and complex calculations go into qualifying you for Chapter 7.
Chapter 7 does have its down falls. It’s a liquidation bankruptcy. This means that any non-exempt assets are used to pay back creditors. However, Utah and Arizona have relatively strong exemptions. In many cases, when good attorneys claim the correct exemptions, debtors lose nothing because they simply don’t own enough property. The list of exemptions are long and can be complicated, but we will make sure you know if you have any unprotected property before you make what could be a mistake in filing a Chapter 7 bankruptcy. Give us call today to set-up a free consultation to discuss more about your bankruptcy options.