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Bankruptcy – Can Someone Get Rid of Tax Debt Through Filing Chapter 7 in Utah?

Bankruptcy – Can Someone Get Rid of Tax Debt Through Filing Chapter 7 in Utah?

by | Apr 24, 2020 | Bankruptcy

Chapter 7 is the most common type of bankruptcy for personal debtors. It is also referred to as straight or liquidation bankruptcy. Chapter 7 is most suitable, and most frequently used, by individuals, but can also be an option for businesses as a last resort to have their slate wiped clean. Chapter 7 bankruptcy is most often used by people who are far behind on their bills with unsecured debts to reset their finances.

Bankruptcy- What Property Can You Keep in a Chapter 7?

Bankruptcy- What Property Can You Keep in a Chapter 7?

by | Feb 10, 2020 | Bankruptcy

Chapter 7 bankruptcy could also be known as liquidation, or straight bankruptcy. It requires the court to appoint a trustee. Who then takes your assets, sells them, and distributes the money to creditors who have filed the proper claims. They cannot receive payment without correct claims filed. Being the most common type of bankruptcy filed in the U.S., chapter 7 is still complex.