Best Restructuring & Insolvency Lawyers in Utah

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Greenberg Traurig, LLP.
Salt Lake City, United States

Founded in 1967
2,300 people in their team
English
Five decades ago, while at lunch in a South Florida deli, attorneys Larry J. Hoffman, Mel Greenberg, and Robert Traurig saw an opportunity to establish a new breed of law firm for South Florida; a firm that mirrored a New York style firm. In 1967, they founded the law firm Greenberg Traurig...
Dorsey & Whitney LLP
Salt Lake City, United States

Founded in 1912
1,390 people in their team
English
worldwide advantageYOUR BUSINESS REQUIRES AN ADVANTAGE, AN EDGE, TO SUCCEED IN A HIGHLY COMPETITIVE WORLD.Dorsey’s lawyers and staff can help you gain that edge by applying superb legal knowledge and skills with practical wisdom and a deep understanding of your business and industry.We serve...
Gordon Rees Scully Mansukhani, LLP.
Salt Lake City, United States

Founded in 1974
1,688 people in their team
English
As the only law firm with offices and attorneys in all 50 states, we deliver maximum value to our clients by combining the resources of a full-service national firm with the local knowledge of a regional firm. Featuring more than 1,000 lawyers nationwide, we provide comprehensive litigation and...
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About Restructuring & Insolvency Law in Utah, United States

Restructuring and insolvency law in Utah focuses on helping individuals, businesses, and organizations address significant financial challenges. The law provides frameworks for reorganizing debts, negotiating with creditors, or, if necessary, proceeding through formal bankruptcy. Utah follows both federal bankruptcy laws and some unique local procedures specific to its state courts. The goal of these laws is to preserve as much value as possible for both debtors and creditors, to allow for the fair distribution of assets, or to facilitate the reorganization of businesses so they can continue operating.

Why You May Need a Lawyer

Dealing with financial distress is complex and fraught with potential pitfalls. Hiring an experienced restructuring and insolvency lawyer in Utah can help you navigate these challenges. Common situations that require legal assistance include:

  • Facing mounting debt and being unable to keep up with payments
  • Contemplating filing for bankruptcy as an individual or business
  • Dealing with lawsuits or aggressive collection actions by creditors
  • Seeking to restructure or renegotiate loans
  • Managing tax obligations and government liens
  • Rescuing a business from insolvency to keep it operating
  • Understanding how local courts and laws can impact your financial future

An attorney can assess your unique situation, explain all available options, assist with paperwork, and represent your interests in negotiations or court proceedings.

Local Laws Overview

Utah’s restructuring and insolvency landscape is shaped by both federal bankruptcy codes and specific state statutes. While most bankruptcy cases are handled under federal law in Utah’s U.S. Bankruptcy Courts, state laws play a crucial role in exempt property determinations, debtor-creditor rights outside bankruptcy, and certain procedures. Here are key aspects to be aware of:

  • Bankruptcy Filings: Most consumer and business bankruptcies in Utah fall under Chapters 7, 11, or 13 of the U.S. Bankruptcy Code.
  • Exemptions: Utah opts out of federal bankruptcy exemptions, requiring filers to use state-specific exemptions. These outline what property can be protected from liquidation.
  • Utah Exemptions: Common exemptions include a limited amount of equity in homes (homestead), vehicles, personal property, and certain retirement accounts.
  • Automatic Stay: Filing for bankruptcy in Utah triggers an automatic stay, preventing most creditors from continuing collection actions during the process.
  • Business Restructuring: Businesses may opt for Chapter 11 reorganization to continue operations while repaying creditors over time.
  • Alternatives to Bankruptcy: Utah allows for assignments for the benefit of creditors (ABCs) and out-of-court workouts as alternative resolution methods.
  • Local Court Rules: Utah’s bankruptcy courts have specific local rules that must be strictly followed regarding filing procedures, deadlines, and documentation.

Frequently Asked Questions

What is the difference between restructuring and bankruptcy?

Restructuring is a broad process aimed at reorganizing financial obligations to avoid insolvency or bankruptcy. Bankruptcy is a formal legal procedure, often viewed as a last resort, that can either liquidate assets or allow for reorganization under court supervision.

Do I automatically lose my home if I file for bankruptcy in Utah?

No, Utah has homestead exemptions that may protect a certain amount of home equity. Whether you can keep your home depends on its value, the amount of exemption available, and your overall financial situation.

Does Utah allow me to choose federal bankruptcy exemptions?

No, Utah requires bankruptcy filers to use state-specific exemptions instead of federal ones. Review these exemptions with a lawyer to understand which assets you can keep.

How long does bankruptcy stay on my credit report in Utah?

Bankruptcy can stay on your credit report for up to ten years. The exact duration depends on the type of bankruptcy filed. Your credit may begin to improve sooner as you rebuild financially.

Can my business operate during a Chapter 11 bankruptcy in Utah?

Yes, Chapter 11 bankruptcy is specifically designed to allow businesses to continue operating while reorganizing their debts under court supervision.

What are alternatives to bankruptcy in Utah?

Alternatives may include negotiating with creditors, entering into debt management plans, or considering options like assignments for the benefit of creditors (ABCs) or out-of-court settlements.

What debts cannot be discharged in bankruptcy?

Some debts, like most taxes, child support, alimony, certain student loans, and criminal fines, typically cannot be discharged in bankruptcy, though exceptions can apply. Consult a lawyer for specifics.

Will bankruptcy affect my ability to get credit in the future?

Bankruptcy initially makes it harder to get credit, but many people find that they are able to rebuild their credit over time with responsible financial habits.

Are all bankruptcies public record in Utah?

Yes, bankruptcy filings are public records and can be accessed through court records. However, most people are not affected by this unless background checks are involved.

How much does it cost to file for bankruptcy in Utah?

Costs vary depending on the type of bankruptcy and complexity of the case. In addition to court filing fees, attorney fees can differ based on services required. Many attorneys offer payment plans or initial consultations.

Additional Resources

If you need more information or assistance regarding restructuring and insolvency in Utah, the following resources can be helpful:

  • U.S. Bankruptcy Court - District of Utah: Information on court processes and filing requirements.
  • Utah State Courts Self-Help Center: General guidance for navigating the legal system.
  • Utah Legal Services: Provides free or low-cost legal assistance for qualifying individuals.
  • American Bankruptcy Institute: Research and educational resources on bankruptcy and insolvency topics.
  • Utah Division of Consumer Protection: Help with debt collection and consumer rights issues.

Next Steps

If you are facing financial distress and may need legal help with restructuring or insolvency in Utah, consider the following steps:

  • Gather all relevant financial documents, including debts, assets, income records, and any communications from creditors.
  • Write down your main goals, such as keeping your home, maintaining business operations, or seeking a fresh start.
  • Consult with a qualified restructuring and insolvency attorney in Utah. Many provide free initial consultations to assess your case and explain your options.
  • Follow your attorney’s advice regarding court requirements and documentation to avoid mistakes that could impact your case.
  • Explore all alternatives to bankruptcy, if possible, including negotiation and state-sponsored assistance programs.

Starting the process early and with professional guidance can help you achieve the best possible outcome and regain control of your financial future.

Lawzana helps you find the best lawyers and law firms in Utah through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Utah, United States - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.