For some who may be new to this term 'Bankruptcy' refers to a state of financial turmoil within an organization that makes it impossible on its part to clear any outstanding debts. With the economic meltdown having encompassed the entire planet and more so, the United States of America Bankruptcy records have become a source of major interest. The state of Utah maintains its own set of Utah Bankruptcy records which can be legally made public on request from the citizens of Utah. But it has been found that most of the citizens of Utah lack knowledge of where the Utah records are available. This article will provide you with the sources and steps involved in retrieving Utah state bankruptcy records.
Chapter 7 deals with Straight Bankruptcy Laws. According to this an individual filing for bankruptcy is exempted from all the past debts and can start afresh. Chapter 7 of the bankruptcy law is also referred to as ?liquidation'. Liquidation is a process that lets a trustee to sell any property that is non-exempt and distribute the money among the creditors. Chapter 11 is often referred to as the reorganization chapter. It gives scope to reorganize your debt without liquidating all your assets. For this purpose you have to present a plan to the creditors that would enable you to reorganize your personal or financial affairs without liquidating all assets and be financially productive. Chapter 13 deals with wage earner's bankruptcy rules. This chapter allows an individual to opt for a repayment plan and clear his debts.
To file for a bankruptcy case in Utah, you need to pay a fee, which $200 for a Chapter 7 case and $ 185 for a chapter 13 case. Additionally you will also have to provide a proposal to repay your debts along with the filing fee in case of a Chapter 13 case. Before filing for a bankruptcy case in Utah you should collect information about your financial and personal data or you can also order for your credit report. The credit report will have details about all debts- secured and unsecured, deeds to real estate that you own, assets, tax returns for the last two years, car loan documents and details of any other loans. File your bankruptcy petition with the help of a reliable attorney. Once a petition is filed, an automatic stay comes into effect that stops any actions against a debtor's properties and prevents the creditors from harassing the debtors.
However there are certain conditions that need to be fulfilled before filing for bankruptcy, as assigned by the federal bankruptcy laws. Your income should be below the median income range of individuals and families living in Utah, which is calculated by the Census Bureau. If your income is more than the accepted limit, then the income in the last six-month is taken into account. These are inclusive of your taxes, payments for your car and mortgage.
The median income assigned by the Census Bureau for filing bankruptcy in Utah, post 15th March is $53,693.
There are certain articles that you can still retain after you have filed for bankruptcy in Utah. These include health aids, a house worth $ 10,000, burial plot, disability benefits, personal injury recoveries, insurance proceeds for accidental death, animals and pets worth upto $500, food to last for three months, household goods, musical instruments and books and heirlooms worth $500,motor vehicle worth upto$2,500,pensions, alimony and child support funds, public benefits like unemployment compensation, crime victims' compensation and workers compensation, life insurance and property of a business partnership.
Find Utah Bankruptcy Records Securely Online
One of the most convenient sources of locating Utah Bankruptcy Record is the Utah free public directory. All the user needs to do is perform a Utah Bankruptcy Search by providing the system with the first name, middle name, last name and state. Alternatively he or she can click on the Utah bankruptcy record link which will guide them to United States Court district of Utah official website. Here the user will find a menu titled public resources that will provide him or her with the necessary details.
America has a dual system of democracy in place with a Federal Government at the center and state governments looking after regional affairs. Keeping this dual nature in mind a centralized system was developed to provide Utah Bankruptcy Courts records to the citizens through the internet after payment of nominal fees amounting to$1.20 for a 25 page document. This system is known as PACER acronym for Public Access to Court Electronic Records. It has a user base of about 25,000 in Utah and can be used to find Utah Bankruptcy Records as well as Utah County Bankruptcy Records.
After having located the Utah Bankruptcy Files you will be curious to know about the contents of the Utah court records obtained. The details contained in such files usually include the name of corporate firm or individual who had filed for bankruptcy petition, the case number assigned by the Utah courts, case status indicating the current financial position of the organization, the list of creditors, tax id, social security number and many more. The documents submitted in Utah bankruptcy court during trial may also be provided in some special cases.
Statistics reveal that chapter 7 filings for bankruptcy have increased by an alarming 43% in the fiscal year ending on March 2009. Among American states, Utah is one of the worst affected ones ranking 12th in the most affected by bankruptcy list, with household per consumer filing number at 167.42. These outrageous statistics have made Information from Utah County Bankruptcy Records most sought after means of financial background check for individuals wishing to enter into trade relationship with companies. The companies lending money also benefit from Utah Bankruptcy records as they come to know about the financial viability of their clients.