planning for bankruptcy

Because of abuses of the bankruptcy system in the past the current Bankruptcy Code is designed to penalize multiple bankruptcy filers. This multiple filing is called “serial filing” in the bankruptcy world. Individuals who are “serial filers” can lose important benefits in their bankruptcy – the most important of which is called the automatic stay – the act of stopping immediately a foreclosure, lawsuits or other collection activity.

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bankruptcy in utah

Where does bankruptcy debt go? To be clear bankruptcy is a legal proceeding one carries out in the US Bankruptcy Courts to allow individuals or businesses to obtain freedom from their debts. It can also simultaneously providing creditors an opportunity for repayment of the debt under a court guided repayment program.

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