Latest Utah Bankruptcy News And Information
Stay up-to-date with Douglas "The Bankruptcy Guy" Barrett and the entire DLBLAW team
When is bankruptcy a good idea
Bankruptcy should not be approached casually. After all, it’s not a simple, easy cure-all for out-of-control spending. Bankruptcy used in the right way at the right time can save you money, preserve your peace of mind and get you back on your feet financially. So when is bankruptcy a good idea? I ask my clients…
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Hiring a bankruptcy lawyer is a wise move
When a bankruptcy lawyer takes on a bankruptcy client he or she knows that there are a bunch of good things that they can do for that client. Sometimes, however, I think attorneys forget to tell the client what some of the great things are that they can accomplish
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Fear of filing bankruptcy
Fear of filing for bankruptcy. Working with an experience bankruptcy lawyer can help ease your fears. Most bankruptcy lawyers I know offer a free consultation so in and talk to them – they understand fear and can show you way out of the problems you face.
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Filing a Utah Chapter 7 bankruptcy
A bankruptcy declaration will affect your credit score sometimes for the worse and at times for the better. If it does damage it, it won’t damage it forever. Furthermore, you may have some control over the process’s ultimate outcome. By taking steps to rebuild your credit score after filing bankruptcy, you could find yourself commanding prime interest rates and securing high-limit credit cards within a few years. You’ll simply need to pay off your remaining obligations in a diligent fashion and avoid taking on too many new loans.
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What bankruptcy is best for me
A woman walks in a store to return a pair of eyeglasses that she had purchased for her husband a week before. “What seems to be the problem, madam?” “I’m returning these glasses I bought for my husband. He’s still not seeing things my way.” When you are considering bankruptcy you are sure to wonder…
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When bankruptcy is a good idea
When bankruptcy is a good idea is actually not dependent on the immediate financial difficulties of today. In order for the bankruptcy court to approve your case they will actually evaluate a snapshot of your finances for the past six months and also consider the foreseeable outlook for your situation in the months to come.
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Debt That Can’t Be Forgiven
Obviously getting rid of debt is the reason you are considering bankruptcy. So while a Chapter 7 or Chapter 13 bankruptcy can eliminate a lot of debt, it can’t wipe out every kind of debt mainly if you have certain types of unforgivable debt. The types of debt that bankruptcy will not eliminate include:
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Consequences of Bankruptcy
Consequences of Bankruptcy. Bankruptcy information on your credit report may make it very difficult to get additional credit shortly after the bankruptcy is discharged — at least until the information cycles off your credit report. It will be important to begin rebuilding your credit right away, making sure you pay all your bills on time. You’ll also want to be careful not to fall back into any negative habits that contributed to your debt problems in the first place.
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Bankruptcy Discharge Papers
After you have gone through the process of filing for bankruptcy, attending your creditor meeting hearing, and followed all other instructions given to you by your attorney, the trustee, and the court, your case will eventually be discharged and will receive your bankruptcy discharge papers.
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