The last few years have been difficult years for many people but the years have dealt bad hands to a lot of people who have lost their source of income and find that they are in a never-ending spiral of debt. There is a way out and to find it all you have to do is work with a bankruptcy attorney in Salt Lake City Utah.
There is little doubt that declaring bankruptcy is a big move and the long term ramifications must be thought through in their entirety, but if it appears to be the last resort, the law gives you the opportunity to start your life anew.
There have been changes:
Before 2005 it was reasonably easy to declare bankruptcy, more or less all that had to be done was to declare to the court that you were broke and you can’t pay your bills. That was pretty much the way was then but things have changed. Now, you must go through a process of counseling before you can declare bankruptcy, if your income is above a certain level, you may still have to repay your debts so bankruptcy is no longer as simple and straight forward as it once was.
Don’t wait to get legal assistance:
When one declares bankruptcy there are numerous complications 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 Utah, do not fall for “quick-fix” plans or the plans that guarantee to erase your debt forever. These plans may end up costing you far more in money and have a long term impact on your credibility and reputation. Stay with law firms that are well respected.
Get real about your financial situation:
Once you have made the decision to declare bankruptcy and you have a respected bankruptcy attorney on your side, it is now time to face some hard facts. You must prepare a complete and honest inventory of all your assets and all your liabilities. This includes everything; your car, house, any investments along with your total credit card debt, child support, student loans, etc. Although you must expose all debt, not all of it will be eliminated; child support, student loans and taxes due are not eliminated by declaring bankruptcy.
Whatever you do, don’t attempt to hide any money and don’t run up any more debts. If you work closely with your bankruptcy attorney in Salt Lake City Utah, the whole thing will be wrapped up within a couple of months. You may not have much left but you will have eliminated most of your debt and you can start over with a clean slate.
