If you face overwhelming financial debts and obligations, declaring bankruptcy may be the best way to regain control over your finances and find some peace of mind. However, filing for bankruptcy is a consequential decision that can have dramatic long-term implications, even if it is a necessary step to take in the short term.
If you think you may need to declare bankruptcy or want to determine whether it is the best way forward, seeking guidance from a Salt Lake City bankruptcy lawyer is a crucial first step. Assistance from a knowledgeable attorney ensures you obey all the rules and regulations associated with your bankruptcy and increases your chances of achieving long-term financial success after it.
Restoring good credit can change your life.
The federal Bankruptcy Code provides several types of bankruptcies, and each is commonly known by the chapter of the Code that defines it. Individuals and companies determine under which chapter to file depending upon financial history, prospects for the future, and personal desires. A local bankruptcy attorney provides critical guidance about which chapter is best, given the filing party’s specific situation.
Often, an individual seeking relief from personal debts like car and mortgage payments, credit card bills, and medical expenses should file for either Chapter 7 or Chapter 13 bankruptcy. Chapter 7 generally involves the “liquidation” of non-exempt assets while eliminating generally unsecured debt, whereas Chapter 13 allows the filing party to keep their assets if they successfully adhere to a repayment plan. A Chapter 13 plan is a great way to improve cash flow by doing things like restructuring car payments and spreading out delinquent mortgage payments over a long period of time.
Chapter 11 bankruptcy is typically meant for corporations that need to restructure cash flow by reorganizing business operations and obligations. However, individuals also file Chapter 11 bankruptcy if they are ineligible for other forms of bankruptcy based on their yearly income or the amount of debt they owe.
Our full-service bankruptcy attorney law firm has nearly 60 years of combined experience in chapter 7, chapter 11, chapter 13, Small Business bankruptcies, and foreclosures.
We can help you eliminate your debt, but that only solves half of your problem.
Restoring good credit can change your life.
We help you rebuild your credit after bankruptcy or foreclosure through our proven credit restoration program!
As bankruptcy attorneys, we pay special attention to your needs, pride ourselves on giving consistent, great results, and adhere to strict ethical and legal guidelines.
When it comes to fixing your financial situation, bankruptcy is just one tool in the toolbox. Our goal is to help you gain financial stability while minimizing cost and loss of assets. Nearly every other Utah bankruptcy lawyer limits his assistance to eliminating debt, but Blue Bee Bankruptcy lawyers understand that rebuilding your credit is the key to restoring your self-reliance. The decision to file bankruptcy is not easy, and sometimes it is not the best solution. Often the combination of filing for bankruptcy and rebuilding credit has an immediate and profound impact, leading to a happier life.
Get answers from a Salt Lake City bankruptcy lawyer. Call today to set up a consultation.
