Know this before hiring a Utah Bankruptcy Attorney

When it comes to personal finance, one of the most common fears is bankruptcy court and the process of filing for bankruptcy. The words bankruptcy and court alone conjure up images of credit card debt, lost homes, possessions, and livelihoods. But what exactly is bankruptcy, filing for bankruptcy, taking a bankruptcy means test, and how does it work? This blog will discuss when to hire a Utah bankruptcy attorney

Utah bankruptcy is governed by federal law. There are two types of Utah bankruptcy that individuals can file for in court: Chapter 7 and Chapter 13.  Chapter 7 bankruptcy is also known as liquidation bankruptcy, and it is the most common type of bankruptcy filed in the United States. Chapter 13 bankruptcy is also known as reorganization bankruptcy, and it is filed by individuals who have a regular source of income rather than Chapter 7 bankruptcy which is bankruptcy filing for the liquidation of an asset. Bankruptcy court/the United States bankruptcy court can consist of both Chapter 13 bankruptcy and Chapter 7 bankruptcy and can include cases of secured debt, secured creditors, bankruptcy exemption, non-exempt assets, student loans, debt collectors, and much more incorporated in bankruptcy law. 

A bankruptcy court is not a situation that anyone wants to find themselves in, but sometimes it is the best option for dealing with overwhelming debt. If you are considering filing for bankruptcy(or Chapter 7), it is important to speak with an experienced bankruptcy attorney to discuss your options and determine if bankruptcy court is right for you (including a manageable attorney fee).

4 Things Before Filing For Utah Bankruptcy

1. Debt Relief – You have options when it comes to relieving debt. Some ways to overcome debt include getting a debt settlement, debt consolidation loans, filing for Chapter 7, or attending a debt management program.
2. Chapter 7 Bankruptcy – A Chapter 7 case simply put is when your possessions are sold and the proceeds are split between your creditors. Although Chapter 7 may be a source to have the majority of your unsecured debt cleared away, Chapter 7 will not cover student loans, exemption of child support, or alimony and tax debt. 
3. The Benefits of Bankruptcy – Believe it or not but there are benefits to filing for bankruptcy. You’ll gain relief from your debt by reducing the amount of creditor reporting, you will receive a court-appointed representative or bankruptcy attorney. A bankruptcy attorney may prevent home or property foreclosure or car repossession. Best of all you get a fresh start.
4. Chapter 13 Bankruptcy – Chapter 13 bankruptcy has a 50% success rate and can benefit clients that use this policy to their advantage. In a nutshell, Chapter 13 bankruptcy is when a debtor is allowed to repay all or a significant amount of their debts in under 3-5 years with a court-ordered plan. Although this policy is attractive to the common debtor, Chapter 13 is not what people typically think about bankruptcy exemption. Unsecured debts like alimony, child support, student loans, and taxes must be paid in full and payments on things like houses and cars must be kept during the repayment period. 

Many people experience financial problems at some point in their lives. It can be difficult to cope with the stress and anxiety that comes with financial difficulties. There are a number of ways to get help with financial problems. There are many organizations that offer free filing or low-cost financial credit counseling. There are also a number of government programs that can help with finances to work with a bankruptcy trustee. As a debtor, If you are struggling with financial problems, it is important to seek help from a qualified professional for advice on working with a creditor for credit counseling, or personal finance to manage the personal property and other assets before entering court. 

It is estimated that over one million Americans will file for a personal bankruptcy case this year due to unemployment or sudden traumatic incidents. Business bankruptcy filings are also on the rise. While bankruptcy can be a difficult and emotional process, it can also be a fresh start for individuals and businesses. Family law firms create a standard of excellence for the rights of their clients, especially when it comes to employee rights and employment law. You should receive the best possible chance of keeping or obtaining employment during this process. 

Filing for Bankruptcy in Utah

If you are considering bankruptcy as a client, it is important to understand from your attorney, the process and what it will mean for your future. Filing for Bankruptcy can be a complex and confusing process in court, but with the help of an experienced Utah attorney, you can navigate the process and get a fresh start as a Utah resident.

When it comes to creating a solid and secure future, there are a few key things to keep in mind. First, it’s important to have a clear and attainable goal. Ask yourself these questions: What do you want to achieve? What does your ideal future look like? Should I consider bankruptcy protection? Once you have a goal in mind, you can start to put together a plan to make the bankruptcy process happen. This plan should include both short- and long-term goals, as well as a strategy for how you will achieve each one. These goals may include credit counseling, details about the bankruptcy code, property management, secured debt, any bankruptcy proceedings, and if you plan on filing Chapter 7 or Chapter 13 bankruptcy with a law firm for additional legal advice, especially from a family law firm such as Utah law firm Dexter & Dexter Attorneys at law. Additionally, it’s important to stay flexible and open to new opportunities. The world is constantly changing, and your plans should change with it. Finally, remember to stay focused and motivated on working towards recovering unsecured debt. It can be easy to get sidetracked, but if you keep your eye on the prize, you can achieve anything you set your mind to.

In conclusion, it is extremely important to set goals, plan, and follow your path to prosperity and success. Filing for bankruptcy can be a difficult process but potentially worth it in the end. Contact us at DexterLaw.com for more details on how you can get the help you deserve today. You can also schedule a free consultation here.