Dec 9, 2014

Posted by Shanell Calloway in Uncategorized | Comments Off on The last few years have not been easy for many people

The last few years have not been easy for many people

The last few years have been tough years for just about everyone, they have however dealt particularly bad hands to a lot of people who have lost their source of income and find themselves in a never-ending spiral of debt. There is a way out and to find it you will want to work with a bankruptcy attorney in Salt Lake City.

Declaring bankruptcy is a big move, the long term ramifications must be thought through in their entirety, but if it is the last resort, the law gives you the opportunity to restart your life.

There have been changes:

Prior to 2005, it was reasonably easy to enter into bankruptcy, basically all you had to do declare to the court that you were broke and can’t pay your bills. Now, you must go through a process of counseling before you can declare bankruptcy and if your income is above a certain level, you may still have to repay your debts so bankruptcy is no longer simple.

Get legal help right from the early stages:

The declaration of bankruptcy is complicated from both a legal point of view and a financial point of view. When you are looking to hire a bankruptcy attorney in Salt Lake City, do not fall for the quick-fix plans or the plans that guarantee to erase your debt forever. These plans are traps and may end up costing you far more in money, credibility and reputation. Stay with law firms that are well respected.

Although the attorney is mandatory, so is a shoulder to cry on. This is a very stressful time and being able to confide to someone who understands can be a big help.

Get real about your financial situation:

Once you have made the decision to declare bankruptcy, and you have hired a respected bankruptcy attorney, you now have to face some hard facts. You must make a complete inventory of all your assets and your liabilities. This includes your car, house, stocks and your total credit card debt, child support, student loans or any other debt you have. Although you must expose all debt, not all of it will be eliminated; child support, student loans and taxes due are not eligible for relief.

The moment the filing has been made by your lawyer all bill collection activities will cease and any garnishments in effect are nullified. This alone is one of the big benefits of declaring bankruptcy; you will have some peace of mind so you can focus on the future.

3151159_l

Share

    Pin It on Pinterest

    Shares
    Share This