Law Office of
Paul Benson
Ogden Phone (801) 627-1323
Salt Lake Phone (801) 797-9667
Fax (801) 399-4535

Law Office of Paul Benson
2650 Washington Blvd
Suite 101
Ogden, UT 84401
United States
ph: (801) 627-1323
fax: (801) 399-4535
paulbens
Assets: Everything the debtor owns. In addition to physical property like a house or car, intangible property like stock options is included.
Automatic Stay: An injunction against debt collection is issued immediately upon filing for bankruptcy and typically lasts until the end of the proceedings.
Chapter 7: Liquidation bankruptcy. Under chapter 7, assets are sold and the proceeds are used to pay debts. This chapter is also for people without assets.
Chapter 11: Reorganization bankruptcy. Chapter 11 is commonly used by businesses.
Chapter 13: Reorganization bankruptcy. The court will order a repayment plan for individuals with the ability to repay some debts or who have debts not dischargeable in bankruptcy.
Confirmation: A court order that makes the reorganization plan binding.
Creditor: Any person or organization to whom the debtor owes money or has a legal obligation.
Discharge: The elimination of debt through bankruptcy. Some debts cannot be discharged, including student loans, child support, and tax liens.
Lien: A collateral claim against property. Mortgages and car loans are voluntary liens. Judgments and tax liens are involuntary.
Means Test: A new procedure introduced in 2005 to verify whether a person has the ability to repay debts under chapter 13 or is eligible for chapter 7.
Law Office of Paul Benson
2650 Washington Blvd
Suite 101
Ogden, UT 84401
United States
ph: (801) 627-1323
fax: (801) 399-4535
paulbens