Dec 13, 2013

Posted by SHANELL CALLOWAY in Uncategorized | Comments Off on When Should You Contact Bankruptcy Lawyers in Salt Lake City

When Should You Contact Bankruptcy Lawyers in Salt Lake City

Having financial problems can be very overwhelming and many people feel that bankruptcy is the solution to get rid of these financial problems. If you have found yourself with a large amount of debt and are thinking about filing bankruptcy or contacting Bankruptcy Lawyers in Salt Lake City, you should be aware that there are both advantages and disadvantages of doing so.

When you file bankruptcy creditors will stop contacting you multiple times each day requesting payment for your debt. They will no longer be able to send you letters in the mail requesting payment either. If you’re employed, a creditor will no longer be able to garnish your wages or file a lawsuit against you. With some types of bankruptcy, you will be able to repay your loans and still keep some of your possessions, including your home.

While there are advantages of filing bankruptcy, there are disadvantages too. One of the biggest disadvantages is that it destroys you credit and may prevent you from buying things like a home or a vehicle. There are times when you won’t be able to keep any of your property. A bankruptcy ruling will also stay on your credit report for 7 to 10 years and may prevent you from obtain certain jobs. You may find it more difficult to open a checking account and your insurance company may increase your premiums after your bankruptcy is finalized.

When filing bankruptcy it’s best to determine which type to file before proceeding. Some people find that its best to file for Chapter 7, while others find that Chapter 13 works better for them. Chapter 7 works well for individuals who have a large amount of unsecured debt such as credit cards and medical bills. A Chapter 7 bankruptcy can typically be completed within 6 months as well. Chapter 13 bankruptcy works well for individuals who want to repay their debts, those who may behind on their mortgage payments, and those who have student loans. If you would like to discuss your options with Bankruptcy Lawyers in Salt Lake City, contact Lewis Adams & Associates. They will provide you with a free consultation and the opportunity to openly discuss your situation.

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