Bankruptcy is a legal process that provides relief to individuals and businesses that are unable to pay their debts. While a bankruptcy in Utah can offer a fresh start and a path towards financial stability, it is not without its costs.
Filing for a Utah bankruptcy may impact your ability to get a student loan, but it’s not an automatic disqualification.
Too much debt may affect your eligibility to join the military or obtain a security clearance. The military requires applicants to have a certain level of financial responsibility, and excessive debt may be viewed as a potential liability.
If you’ve ever considered filing bankruptcy, you’ve probably wondered, “What are the benefits to filing bankruptcy?”. This is an important question to ask, and one we are happy to answer. The benefits can be divided up into six different sections.
When thinking “is bankruptcy better than foreclosure?”, at the end of the day you need to realize that while sometimes foreclosure might not affect your credit score as much, it still goes on your credit report, leaves you without your home and fails to settle all the other debt you might carry. Meanwhile bankruptcy affects all your debt not just the mortgage loan debt. Bankruptcy tends to be more global financial relief.
If you need to find new housing immediately after the filing of your bankruptcy many landlords will pull a credit report. Your Utah bankruptcy filing will show up on your credit report
Out-of-pocket medical costs—like deductibles, doctor’s office co-pays, and prescription drugs—pushed more than 10 million Americans below the poverty line in 2015, according to the U.S. Census. So its not surprising that the leading cause of personal bankruptcy in the US is linked to medical expenses. Bankruptcy lawyers deal with doing medical bankruptcy on a daily… Continue reading Doing medical bankruptcy
In my experience most people don’t want others to know about their financial issues and challenges. This certainly goes for bankruptcy. So I get this question all the time if I file for bankruptcy who knows ? Your lawyer, your creditors, you, and whoever else you decide to tell. Bankruptcy is a public record and… Continue reading Bankruptcy who knows