Bankruptcies are matters that fall under the jurisdiction of the federal courts. Any petition must therefore be filed in the appropriate federal court for that person or business. So Orem bankruptcy lawyer filings are sent to the U. S. Bankruptcy Court for the District of Utah.
This is a court in Salt Lake City. It handles all bankruptcies arising within the state. Federal district courts, state courts and all other courts do not have any jurisdiction here.
The entity filing a petition may be an individual, married couple or a registered business. There are three main types of filings that are most commonly made use of. They are Chapters 7, 11 and 13.
A Chapter 7 filing will initiate liquidation of the debtors' assets. The proceeds will be distributed to the creditors by a trustee appointed by the court. This ends the process, and the debtor is then free of all the debts that were listed.
Chapter 11 is a means for reorganization, and is typically made use of by corporations. It allows the company to avoid liquidation and instead offer a plan to reorganize their operations and finances and pay back creditors over time. Chapter 13 is the code that allows an individual with an income to adjust debts and pay them back over a specified period that is usually in between three to five years.
All of these filings need to include detailed information and supporting documents. A complete listing of all assets, debts and income is required. So is a full list of all creditors, including their names and the amounts that are owed to each one. If the court accepts it, a stay is immediately issued to put a stop to all creditor actions aimed at recollecting debts. The debts will then only be repaid through a plan approved by the court-appointed trustee.
This is a court in Salt Lake City. It handles all bankruptcies arising within the state. Federal district courts, state courts and all other courts do not have any jurisdiction here.
The entity filing a petition may be an individual, married couple or a registered business. There are three main types of filings that are most commonly made use of. They are Chapters 7, 11 and 13.
A Chapter 7 filing will initiate liquidation of the debtors' assets. The proceeds will be distributed to the creditors by a trustee appointed by the court. This ends the process, and the debtor is then free of all the debts that were listed.
Chapter 11 is a means for reorganization, and is typically made use of by corporations. It allows the company to avoid liquidation and instead offer a plan to reorganize their operations and finances and pay back creditors over time. Chapter 13 is the code that allows an individual with an income to adjust debts and pay them back over a specified period that is usually in between three to five years.
All of these filings need to include detailed information and supporting documents. A complete listing of all assets, debts and income is required. So is a full list of all creditors, including their names and the amounts that are owed to each one. If the court accepts it, a stay is immediately issued to put a stop to all creditor actions aimed at recollecting debts. The debts will then only be repaid through a plan approved by the court-appointed trustee.
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