Top 5 Things to Know Before Filing for Bankruptcy


If you are considering filing for bankruptcy, there are a few things you should know before making the decision.  

Bankruptcy can be a difficult and emotional process, but it can also provide relief from debt and a fresh start.  

Here are the top 5 things to know before filing for bankruptcy:  

  1. You are not alone – millions of Americans have filed for bankruptcy.
  2. Bankruptcy is a legal process that will help you get out of debt.
  3. Filing for bankruptcy will affect your credit score.
  4. You need to have a lawyer to help you file for bankruptcy.
  5. There are different types of bankruptcy, so make sure you know which one is right for you.

If you are struggling with debt, contact a local bankruptcy attorney to learn more about your options. 

  1. You Are Not Alone

Many people in the United States have experienced financial hardship during these difficult times – and it’s important to recognize that you are not alone if you find yourself struggling with your finances.  

Millions of Americans have filed for bankruptcy protection over the past few years, and finding a way forward from this challenging position is possible.  

Bankruptcy can offer relief from creditors by freezing most collections efforts, and ultimately allows individuals to regain financial control over their lives and begin rebuilding.  

Knowing that many others are facing similar circumstances can offer some comfort. Remember, you are not alone. 

  1. Bankruptcy Will Help You Get Out of Debt

Bankruptcy is a legal process designed to help individuals struggling with debt get back on their feet.  

It can seem overwhelming to even consider it as an option, but for those experiencing financial difficulty, it may be the most viable way to pay down debt without resorting to high-interest loan options.  

Bankruptcy can provide debt relief and allows you to start over financially by wiping out your existing debt and stopping creditors from trying to collect from you.  

Not all debts are dischargeable through bankruptcy, so make sure you understand the distinction and paperwork requirements before filing.  

Considering bankruptcy should always be done with thoughtfulness and a trusted professional’s assistance, but when handled carefully and responsibly, it can provide much-needed relief. 

  1. Filing for Bankruptcy: Your Credit Score

Filing for bankruptcy is a decision that should not be taken lightly. Those who decide to file for bankruptcy must be aware of the impact it will have on their credit score.  

Once a bankruptcy filing is reported to the credit bureau, this information remains with an individual for at least 7 years and typically has a negative effect on their credit score.  

Knowing this ahead of time, those considering filing must weigh this seriously and think carefully before making any decisions regarding filing for bankruptcy, as they may find themselves with limited access to loans in the near future. 

Fortunately, it is possible to rebuild credit after filing. 

  1. Find an Experienced Bankruptcy Attorney

Filing for bankruptcy can be a daunting and confusing process, especially without the proper guidance. Hiring an experienced bankruptcy attorney can make all the difference in successfully navigating the steps involved in filing for bankruptcy.  

A lawyer who is well-versed in bankruptcy law can help you understand your options and rights, offer advice, and provide solutions tailored to your situation.  

They can also prepare, file, and negotiate on your behalf to ensure everything is done properly and provides the best possible outcome for your case.  

The cost of hiring a lawyer may seem expensive, however, it is worth it when weighed against the consequences of handling the case on your own with a poorly handled bankruptcy filing. One mistake can cost you thousands of dollars and may even lead to you losing your case. 

  1. Which Type of Bankruptcy is Right for You

When considering bankruptcy, it is important to understand the differences between the different types and which one best suits your situation.  

Each type of bankruptcy determines when you have to repay what debts and discharge what assets, as well as how your credit report will be affected in the long term.  

Taking time to do your research and consulting an experienced bankruptcy attorney can help you make an informed choice about which type of bankruptcy is right for you.  

Knowing more detailed information from the start can save time and money as well as provide stability for your financial future. 

Filing for bankruptcy is a serious decision, but it is one that millions of Americans have made in order to get out of debt.  

If you are considering filing for bankruptcy, be sure to consult with a lawyer to ensure that you are taking the right steps and choosing the right type of bankruptcy for your needs.  

Bankruptcy will affect your credit score, but it is often the best solution for those who are struggling to pay off their debts. Your credit score can be rebuilt and your life can get back to normal. 


Learn More

At Blue Bee Bankruptcy, our lawyers are highly experienced in the foreclosure and bankruptcy filing options. More importantly, we understand that each case we receive is unique and each client has different needs and goals. We will discuss these signs with you and decide the best route to take.

We strive to help our clients rebuild their lives and take steps toward a better financial future through filing. 


Best Bankruptcy Attorneys in Salt Lake City

If you’re dealing with the potential of bankruptcy, give us a call. Our team will work to help you by reviewing all of the options our firm has available. We will ensure you’ll get the best possible outcome for your situation.

Get in touch today so we can start working on either halting bankruptcies or preventing them from taking place altogether!

Contact Us Today For Help! You can schedule your free consultation online or call us at (801) 285-0980.


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