Utah Bankruptcy Attorney Ryan E. Simpson Can Help You

Are you looking for a bankruptcy attorney in Utah?

“Liquidation” does not mean you will lose everything you own. It will give you a fresh start, an opportunity to have a blank financial slate with no bills and no creditor harassment. Chapter 7 bankruptcy is not available to everyone. You must qualify by passing a means test. There are two ways to “pass” the test. The first way is to compare your household income to the median household income in the county where you live. If yours is less, then you pass and you can probably file under Chapter 7. If yours is more, then you may still qualify to file depending on the amount and type of debt you have.

Bankruptcy Attorney

Utah Bankruptcy Attorney Ryan E. Simpson Can Help You 

If you feel you qualify or if you are close to qualifying, review your financial information with Utah Chapter 7 bankruptcy attorney Ryan E. Simpson. Bring to your free consultation:

  • Information about your last six months’ income (pay stubs and any other income)
  • Your expenses for the past six months
  • A list of all your assets (exempt and non-exempt)
  • Information regarding tax debt, child support and ongoing medical expenses.
  • Information regarding secured debt like house payments and car payments.

Exempt assets do not have to be handed over or sold, but non-exempt assets do.What is an exempt asset? Most of the time you can keep your clothes, furniture, car and house as long as their values are below certain limits. Any IRA, 401(k) or pension accounts you have are off limits for paying debts. You do not have to give them up. They are yours to keep.

What are non-exempt assets? Example: If you have home equity greater than $150,000 or vehicle equity greater than $5,000, the amount above those limits is considered non-exempt. Bring in your list of assets, and we will help you determine which are exempt and which are non-exempt. This is where a bankruptcy attorney can help you. Learn more at http://markalexander.over-blog.com

Do I Qualify For Bankruptcy?

It depends on the amount of money you earn for the state in which you live. If you make too much money you can’t do a 7, you have to go the hard way with a chapter 13. To find out if this book is going to work for you do this; take your last six months of income, all income, wages, benefits, found money, things paid for you, i.e. mom pays your rent, everything. Add them up, average them by dividing by six to get your average monthly income then multiply by 12 to get your yearly income.

If your income is above $36,505.00 in Utah, the lowest one person medium income jurisdiction, to above $61,146.00 for New Jersey, the highest medium income state than you need to hire a lawyer. Go to toSee the exact amount for your state with the number of your dependents, if it’s less than that amount then you do not have to take the test. You don’t bear the burden of being “means tested” or rather to be presumed to be scamming the system. You’re free to file assuming you haven’t filed for chapter 7 in the last eight years. Learn more at http://3544093hv3v.com

Conclusion

Learn more in a free consultation with our Utah Chapter 7 Bankruptcy Lawyers. Talk to an experienced lawyer to see whether you qualify for Chapter 7 bankruptcy and whether certain assets are exempt or non-exempt. Contact our Utah bankruptcy attorneys for a free consultation.

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