The economic slump we’ve been in over the past few years has affected almost everyone, leaving people struggling to make ends meet. Millions have lost their jobs, homes, and the lifestyles they’ve grown accustomed to. Another unfortunate consequence of this economic slump has been soaring personal and corporate debt, which has afflicted households and businesses nationwide. If you are overwhelmed by your financial obligations and can no longer manage your debt payments, you may want to consider filing for bankruptcy with the help of leading bankruptcy lawyers in Utah like Lewis P Adams.
Bankruptcy is a legal status which enables an individual or business to eliminate or repay debts under the protection of the federal bankruptcy court. Declaring bankruptcy can help individuals get rid of unmanageable debts amassed from credit cards, medical bills, and various loans. Declaring bankruptcy, however, is a serious financial decision and should only be considered as a last resort. Bankruptcy can affect one’s credit score for up to 10 years, which can make it hard to acquire loans with favorable interest rates.
Those who are looking to file for bankruptcy are advised to acquire the services of experienced bankruptcy lawyers to increase their chances of being approved. Bankruptcy involves large piles of paperwork and legalities that only someone with expert knowledge can handle. Committing a single error during the process can lead to your case being dismissed, leaving you with insurmountable debts and hordes of creditors waiting at your front door.
Your lawyer can help you decide the kind of bankruptcy chapter that will resolve your situation.
Most cases are filed under the Bankruptcy Code’s three main chapters, which are Chapter 7, Chapter 11, and Chapter 13. Each chapter has specific requirements that need to be met. Additionally, your lawyer should prepare all the necessary documents and meet with the appointed trustee to help devise solutions that will repay or discharge all your debts.
There are hundreds of trustworthy bankruptcy lawyers in Utah. Each varies tremendously in skills, fees, and rapport with clients. Make sure you’re comfortable with your lawyer to attain the most favorable results.
No one knows when the economic slump will end. For those who are struggling with debts, consulting knowledgeable lawyers like Lewis P Adams can help them protect not only their loved ones, but can help them devise solutions that will lead to a more manageable financial future.