The current economic recession in the United States has hit everyone hard. Unprecedented even by the Great Depression in the 1930s, the current recession has long term effects that are still being felt today. These ills are not exclusively the bane of economic planners, but are actually being borne by the average American citizen.
While economic statistics show that the state of Utah fared better than most of its neighbors, other statistics show that its inhabitants were almost in the same rut as other people who were burdened with the effects of the recession. Joblessness rose from a 2.6% low in 2007 to figures as high as 7.3% come 2009. This caused a lot of people to go bankrupt, resulting further in missed mortgage, or defaulted rent or health payments. People have since sought the help of a Utah bankruptcy attorney from such firms as Lewis Adams and Associates.
How do You Know if You’re Bankrupt?
Most people are confused or ashamed to admit that they are actually bankrupt. Some would rather believe that they simply are short of cash. You know you’re running into bankruptcy if you:
– can only make the minimum payment required for credit cards
– receive hourly calls from bill collectors
– cannot make heads or tails regarding finances
– rely heavily on credit card usage
– are thinking about going for debt consolidation
– do not even know exactly how much your debt is
Any number of symptoms like these might show up in someone who is already bankrupt. A situation like this can only be aggravated by running away from it and not doing the necessary steps to address a suitable solution for this massive problem. Any Utah bankruptcy expert would simply regard it as the inability to pay because the debt is way more than the person can afford.
Bankruptcy Filing with Legal Assistance
Accepting that you are bankrupt and filing for bankruptcy might be embarrassing to some, and understandably scary to most. It’s important to note, though, that when you file for bankruptcy, there is more to be gained than lost. The options for filing do not seem all scary either. Filing for a Chapter 7 bankruptcy will liquidate assets to make sure that each of a person’s debts will be paid and settled with finality. Meanwhile, filing for a Chapter 13 bankruptcy will have petitioners keeping the property they want preserved, while paying off any and all remaining debts for good.
With the help of a bankruptcy attorney Utah residents are known to trust, one need not live with fear of the unknown. Seeking legal help will ensure that bankruptcy won’t have to sound and look so bad.