While some people in other states have managed to recover their finances, it appears that a number of Utah residents are not very lucky. Last year, Utah was the only state which reportedly increased in bankruptcy filings. It might be for the best if you consult with bankruptcy lawyers in Utah before filing to see if there are other ways to handle the situation.
Filing for bankruptcy is something that you should think out well; some reports state that it could affect your credit rating for up to ten years. However, it could also be your way out of a sticky financial situation. A Salt Lake City bankruptcy attorney might advise you to go through with it if the following applies to you.
After going through your finances, you have come to the conclusion that you spend more than you can earn. This means that month after month, your debt will continue to grow because you no longer have the ability to pay your creditors. Filing for bankruptcy may be the only option to end the cycle of debt.
Another sign is your inability to pay your bills. This is especially true if you skip payments for one or two months at a time. If notices are piling up in your mail box, maybe it is time for you to throw in the towel and file for bankruptcy.
If you go over your credit card limit just to pay for food and other necessities, that’s a terrible sign. That’s because using your credit card to pay for basic needs will only perpetuate the cycle of debt. It’s time for you to take a long hard look at your situation. If it’s too much to handle, then don’t be afraid to ask for help.
A Utah bankruptcy attorney like Lewis P. Adams can guide you through the entire process. He can help you negotiate with creditors so that you can come up with a feasible payment plan. Filing for bankruptcy doesn’t have to be a death sentence; as a matter of fact, it could be the key to your financial freedom.