Utah County Fresh Start
Provo Bankruptcy Dictionary
Learn Important Provo Bankruptcy Definitions
- Creditor: The business or individual that is owed money by a debtor.
- Debtor: The business or individual that owes money to the creditor.
- Automatic Stay: This injunction stops the creditor from attempting to collect from the debtor. An automatic stay takes effect immediately after the debtor files for bankruptcy.
- Chapter 7: The Provo bankruptcy court seizes non-exempt assets owned by the debtor and sells them to pay the creditor. A Utah County Fresh Start bankruptcy attorney will help you protect your property in this process.
- Chapter 13: The Provo bankruptcy court permits the debtor to retain his or her assets. The court requires the debtor to make payments to the creditor according to a plan the court approves.
- Assets: The property a business or individual owns.
- Non-Exempt Assets: The property that the Provo bankruptcy court takes from the debtor and sells to pay the creditors.
- Exempt Assets: Property that state and federal laws protect. This property will not be taken from the debtor. A Utah County Fresh Start bankruptcy attorney will help you understand these laws and protect your property.
- Equity: The dollar amount that an asset can be sold for in excess of the money owed on the asset.
- Discharging Debt: This makes the debtor no longer legally responsible to pay the debt and removes it from the debtor's credit history. Debt discharge can be awarded by the Provo bankruptcy court.
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Now that you understand the important Provo bankruptcy terms, you are ready to begin the process of returning to financial stability. Submit a free evaluation form and let our Provo bankruptcy experts help you recover from debt and accomplish your financial goals. If you have any questions please contact us.
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"We just got in over our heads in credit card debt. We needed a bankruptcy lawyer so we called Jeff.
He did all the stuff. We didn’t have to worry about nothing. We just gave him all our papers and information and he took care of the rest of it. We would get emails of stuff he needed and we would send it to him and he would take care of it. It was very hassle free.
Thanks to Jeff, We are out of debt so we don’t have to pay more credit. The stress is gone."
- Robert & Tamera
