Is Chapter 7 Bankruptcy Right For You?

Chapter 7 bankruptcy is commonly known as liquidation or fresh start bankruptcy — this is because a person's nonexempt property may be sold to pay creditors. Once the bankruptcy is complete, most of the remaining debt is discharged, thus giving the person a fresh start.Because the term liquidation is used, many people mistakenly believe that they will lose all of their possessions by filing. Most of those who file bankruptcy actually lose nothing.

The ability to wipe the slate clean and start over makes Chapter 7 a popular form of bankruptcy. You should have a knowledgeable attorney on your side to help you sort through options and make the best decisions possible.

At Gregersen Law, we work closely with our clients to understand their financial circumstances and devise a plan that will provide them the best possible options for financial freedom. Lawyer Mark J. Gregersen utilizes more than 20 years of legal experience to help individuals like you.We represent individuals in Salt Lake City and surrounding Utah communities.

Helping You Understand The Process

To qualify for Chapter 7, you must not exceed the median income guidelines or you must be able to qualify under the means test. We will help you determine whether you qualify for Chapter 7 or if Chapter 13 may be a better alternative.

If Chapter 7 is a viable option for you, it can help you eliminate burdensome debts such as:

  • Credit cards
  • Medical bills
  • Personal loans
  • Other unsecured debt

The bankruptcy process can take as little as three to five months. At our law office, you are not just another number or an object on a production line. We carefully consider your financial situation and help you determine whether Chapter 7 is right for you.

In addition, by filing for bankruptcy, you can immediately stop all creditor harassment and other actions such as foreclosure, repossession, garnishments and liens. Visit our bankruptcy-dos-and-donts/ page to get more information.

Learn About Your Options Today — Free Consultation

During a free, no-obligation consultation, we will review your financial situation with you and discuss options that best fit you. Contact us at (801) 747-2222.
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