Chapter 7 Bankruptcy Law

There is no doubt that the existence of the Chapter 7 Bankruptcy Law has done a lot of good even to those who have not used it. It has done this in two ways.

Chapter 7 Bankruptcy Law

In the first place, nobody knows when he starts out whether he is going to make mistakes or not. By making it possible to start over again after they do make them, the law has increased the chance that many people will succeed where otherwise they would have failed.

Second, where a man is merely unfortunate and makes no mistake, the chance that his creditors will let him alone rather than force him into bankruptcy may be much greater than we ordinarily suppose. Suppose I am a farmer who gets bad weather or crop-destroying insects and so earns less than I can pay my debts with. If all my creditors foreclose on me at once, what are my chances? Not very good; for if I had enough money to pay them all, why should I have fallen into debt?

But if there are laws by which some of my creditors can seize my farm and others can wait for their money until next year or next harvest, I may have a fighting chance; for then each creditor will prefer a share in what I can produce rather than getting nothing at all.”

In the last quarter of the 20th century, a new form of bankruptcy emerged. Chapter 7 bankruptcy law was invented in 1978 by the Bankruptcy Reform Act. It was intended to be a fresh start for consumers who found themselves unable to pay their debts.

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It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!

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Michael Anderson

People who want a lot of Bull go to a Butcher. People who want results navigating a complex legal field go to a Lawyer that they can trust. That’s where I come in. I am Michael Anderson, an Attorney in the Salt Lake area focusing on the needs of the Average Joe wanting a better life for him and his family. I’m the Lawyer you can trust. I grew up in Utah and love it here. I am a Father to three, a Husband to one, and an Entrepreneur. I understand the feelings of joy each of those roles bring, and I understand the feeling of disappointment, fear, and regret when things go wrong. I attended the University of Utah where I received a B.A. degree in 2010 and a J.D. in 2014. I have focused my practice in Wills, Trusts, Real Estate, and Business Law. I love the thrill of helping clients secure their future, leaving a real legacy to their children. Unfortunately when problems arise with families. I also practice Family Law, with a focus on keeping relationships between the soon to be Ex’s civil for the benefit of their children and allowing both to walk away quickly with their heads held high. Before you worry too much about losing everything that you have worked for, before you permit yourself to be bullied by your soon to be ex, before you shed one more tear in silence, call me. I’m the Lawyer you can trust.

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