Utah Chapter 7 Bankruptcy
A Utah Chapter 7 Bankruptcy is a liquidation of assets. Basically if you, the debtor, have assets that are not exempt (protected from creditors by statute) then those assets can be liquidated, and any profit is applied to your debt. Any remaining debt is discharged in the bankruptcy, giving you a fresh start.
In order to automatically qualify for a Utah chapter 7 bankruptcy, your gross income must be less than the Utah median income for a family your size. The numbers usually change after each census for the U.S. Census Bureau, but as of May of 2015, the numbers are as follows:
- Family size of 1: $52,865/yr.
- Family size of 2: $59,546/yr.
- Family size of 3: $67,632/yr.
- Family size of 4: $73,446/yr.
- Family size of 5: $81,546/yr.
- Family size of 6: $89,646/yr.
- Family size of 7: $97,746/yr.
- Family size of 8: $105,846/yr.
- Family size of 9: $113,946/yr.
- Family size of 10: $122,046/yr.
If you make more than the Utah median income for a family your size, you still may qualify for a chapter 7 bankruptcy, depending on the nature of your debts and expenses. Your experienced Utah chapter 7 bankruptcy attorney at Pearson Law Firm can help you determine whether you qualify for a Utah chapter 7 bankruptcy, and if you don’t, your attorney can help you file a chapter 13 bankruptcy, or explore other options.
Utah Bankruptcy can be tricky, and generally it is worth obtaining legal representation. Contact Pearson Law Firm for a free consultation with an experienced Utah bankruptcy attorney. Your attorney can discuss options with you and determine which chapter would be more beneficial to you, and discuss alternative options. Call today! 801-888-0991