Have you experienced a financial change in your life? Perhaps someone in your home has lost their job or you have accumulated high medical bills that have you swimming in debt. If you are searching for a way to relieve your financial burden and gain a fresh start on life consider filing bankruptcy. You can clear some if not all of your debt if you reside in Utah with chapter 7 bankruptcy. You do not have to worry about losing your automobiles, home, and other properties with Utah’s exemption law that prevents your property from being seized. If you feel overwhelmed by bill collectors contact an expert that can explain the process to you and help you begin to find financial freedom.
How Bankruptcy can help
Not all debts can be eradicated by filing chapter 7 bankruptcy, some debts are not dischargeable. Debts such as child support, any bills that you acquired because of fraud, or debts that you are jointly owned. A lawyer can help explain to you which debts that you have can and cannot be eliminated by filing bankruptcy. If you are facing foreclosure, you can delay the process once your file by being granted an “automatic stay.” This will prevent a financial institute from taking your home from you and prevent creditors from contacting you. However, keep in mind that by filing bankruptcy will only delay the foreclosure briefly. You will not be able to make up for any mortgage payments that you have not paid. If you are current on your payments, you may keep your residence if your fall under the home equity that the exemption law provides. When you file chapter 7, it will stop any garnishments that you have on your bank account or wages at work while you case is being handled.
Speak with an Attorney to Learn if You Qualify for Chapter 7
There are certain qualifications you must meet to file a chapter 7 bankruptcy. This is determined by how much income is coming into your home and how many family members reside with you. If you are unsure that you meet these qualifications or have any questions on filing for bankruptcy contact an attorney that specializes in bankruptcy cases. They can provide you with the information that you require in making an educated decision if filing bankruptcy is right for you. An attorney will provide you with the options available to help you begin living a debt-free life.
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