Economic downturns can be tough on everybody from individuals to the largest corporate giants. If you are a victim of this phenomenon and are currently over your head in debt because of it, you may be considering filing for bankruptcy. That word used to carry some very negative connotations, but these days it is seen for what it was intended; a practical and sensible method of handling indebtedness that has become unmanageable. The bankruptcy laws were written to assist those who, through no fault of their own, have become overwhelmed by debt to the point that they have given up any hope of ever being able to repay it.
If you are in this situation, your first course of action should be to contact a Bankruptcy Attorney in Salt Lake City for assistance. Trying to wade through the confusing maze that is bankruptcy law can be challenging even for attorneys, so don’t try to handle this on your own. A free consultation will give your attorney an opportunity to ascertain your current financial situation and determine if bankruptcy is a good option for you. He may, instead, suggest a debt consolidation plan, but your attorney will give you all the information on how those work and why he feels it is appropriate for your circumstances.
If your Bankruptcy Attorney in Salt Lake City decides that you are a good candidate for assistance under bankruptcy laws, he will then advise you as to which type of bankruptcy will be of the most benefit to you. Individuals can file under either chapter 7, which is sometimes referred to as a “full bankruptcy”, or chapter 13. Whichever way your attorney decides is best for you, as soon as the initial papers are filed, an automatic stay will go into effect, preventing your creditors from making payment demands of you, either over the phone, by mail, or even e-mail.
When the proceedings begin, your attorney will use all of his skills and experience as well as the full resources of the Lewis Adams and Associates law firm to make certain that your rights are protected and that you receive the financial relief that you are seeking. A bankruptcy can be an emotionally trying experience, but the light at the end of the tunnel is that many individuals who file for bankruptcy have their credit rebuilt in as little three years.
