The Utah Bankruptcy Guy and team have made our most recent list of little know bankruptcy secrets that everone thinking about filing bankruptcy in Utah should know. Here are our Utah bankruptcy secrets:
Secret #1
Most people keep all their property when filing Utah bankruptcy
The bankruptcy laws provide ways for you to keep your home, cars, furniture, appliances, employer sponsored retirement and other essentials. The law assumes that you need your things to get a fresh start. With multiple kinds of bankruptcy there is a kind right for your situation. Generally speaking, fears of losing property are overblown by the credit industry.
Secret #2
You don’t have to fill out a long boring packet
Our office does not use long boring paper client packets (Unless you want one then we have them available). Instead, you can use your phone or tablet to quickly give us your base information. We also file cases electronically almost every day so we can get you quick relief. Almost all of our clients file within a day or two of their first appointment so we can to get the whole process over fast.
Secret #3
$0 Down bankruptcy is a bad deal
Some consumer bankruptcy lawyers in Utah are starting to push people into “$0 Down” bankruptcy cases. In this scheme you pay nothing to file the first few bankruptcy documents then to finish the case you are forced to pay a large fee or get financing to complete the bankruptcy. When you are broke this seems like an answer to prays. But look at the actual fees you pay the attorney – somewhere between $2000.00 and $3000.00. This is double or triple the normal cost of a bankruptcy. Remember if it sounds too good to be true it usually is.
STOP and think about it…isn’t this the kind of thing that got you into this mess to begin with? Now the people you are turning to for help want you back into this same kind of mess…yes it is messed up!
Secret #4
There is life after bankruptcy
I am sure you are not looking to go into bankruptcy with the intent of getting back into debt. Most people I talk with have long term goals and want to rebuild their credit. if you want to buy a home or car after filing you will probably be pleased we have a program to help you rebuild and restore your credit in as little as two years.
Secret #5
The banks may want you to file bankruptcy
Banks make money whether you file bankruptcy or don’t. They earn big interest and late fees before you file bankruptcy. Then after you file bankruptcy they can write off the loss on their taxes. What they don’t want you to do is stop paying your debts or using credit. Banks often force debtors into bankruptcy with a lawsuit or garnishment. They would rather charge off the loss and then try to get you back into the credit culture.
Utah bankruptcy secrets should be known to everyone. We want to help you make smart financial decisions. Give us a call and let us set you up a free consultation in person, phone, or video consultation today and get you on the road to financial freedom.