Best Bankruptcy Lawyers in Millcreek, UT

With Chapter 7 bankruptcy, you may likely lose your house or car if they have a significant amount of equity in either. In Chapter 13 bankruptcy, you can keep your house and car if your payment plan is accepted.

Under the vast majority of cases, no one will physically come to view your property. Instead the Bankruptcy Statements and Schedules are signed under penalty of perjury, and a Debtor in Bankruptcy will also verbally testify under oath at the Meeting of Creditors that they have identified all of their property within the Bankruptcy documents. Unless there is some unusual reason for a Trustee to question the truthfulness of the documents, there is no need to further investigate the content of the property you have disclosed.

An exemption is an interest you have in certain property that the Bankruptcy Code and the laws of the State of Utah protects on your behalf from being seized by the Trustee in a Bankruptcy proceeding. A simplistic view of the exemption statutes is that essentially all property that is reasonable and necessary to maintain a normal household is likely to qualify as property that is protected by a specific exemption. Contact JLT Law to discuss any particular property that you are concerned whether it will qualify as exempt under the applicable statutory provisions.