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Salt Lake City Bankruptcy Law Blog

Dig deep for debt relief options to get out of a financial rut

If things are tough financially at this time in your life, you are definitely not the only person in Utah with money problems. In fact, you could probably visit every state in the country and find hundreds of people (if not more) in each place trying very hard to keep their heads above water where finances are concerned. What led to your current financial trouble may not be as significant as what options are available to help you get life back on track.

The answer to that question may be multifaceted. Parts of the solution may in fact be easier than you think. Sometimes, there may be ways to cut spending and gain access to funds right under your nose that you didn't realize existed.

Moving past unnecessary reservations and pursuing debt relief

Constantly dealing with overwhelming amounts of debt can have a significant impact on a person's quality of life. If you are experiencing prolonged periods of financial struggle, the constant phone calls and collection letters could leave you wondering about the available outlets for debt relief.

While exploring these options, you might have given a fair amount of thought into filing for bankruptcy. However, certain negative views regarding the process could be giving you pause, perhaps for unnecessary reasons.

To file or not to file: That is the question

Perhaps, you've already confided in a close friend or family member regarding the financial problems you've been working to overcome for some time now. The economy in Utah took just as hard a hit during the economic crisis as most other states in the nation; so, if you were not quite able to fully recover, you are definitely not alone in the struggle. If more than one person has recommended you file Chapter 7 bankruptcy, the very mention of it may make you nervous.

That's not uncommon, especially since there's a real stigma attached to filing for bankruptcy as though it is something to be ashamed of. The reality, however, is that Chapter 7 bankruptcy is often a valuable tool that can help people get life back on track and move toward restored financial stability.

Getting debt discharged in a Chapter 7 bankruptcy

If you are one of the many Utah residents struggling financially, it is okay to question what debt relief options will really help you in the long run. There are so many band aid solutions out there that seem appealing, but really, bankruptcy may best serve your needs. However, submitting a Chapter 7 petition can be frightening, especially if you are not sure how it will really help you.

The main benefit of pursuing a Chapter 7 bankruptcy filing is immediate debt discharge. What does that mean? How exactly does discharge work?

Does filing for Chapter 7 mean I have to give up my stuff?

Chapter 7 bankruptcy is commonly known as liquidation bankruptcy, which means that the sale of certain assets may go toward paying off some debt. For this reason, many people fear that filing for this type of consumer bankruptcy could mean that they have to give up their property and lose what is most important to them, a fear that could hold them back from taking a positive and beneficial step.

If you find yourself overwhelmed by debt and facing harassment from creditors, you may find that filing for Chapter 7 bankruptcy is a way for you to gain relief from your burdens. Fortunately, taking this step does not necessarily mean that you will have to give up your property.

Can you file for Chapter 7 bankruptcy? Let's find out.

Your financial situation got out of control. The uncertainty of your future could make you struggle to find a solution. Like many other Utah residents, you may have cut your expenses and tried to negotiate with your creditors. Unfortunately, that didn't stop their relentless pursuit of payment through phone calls, emails and letters.

You tried other options, but now you feel as though your best option involves filing for Chapter 7 bankruptcy. Your next question may be whether you qualify. This article explores the requirements for filing.

How financial education fits into the bankruptcy process

For many individuals, bankruptcy can provide the opportunity for a fresh financial start. But how do you know bankruptcy is the right way to address your financial difficulties? And if you do file for bankruptcy, will you know how to prevent financial problems in the future?

Luckily, some of the answers to these questions are built right into the federal bankruptcy process. Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, in order to file for individual bankruptcy:

Regaining control over credit card debt

Many Utah residents have high amounts of credit card debt. Like many of these individuals, you may struggle to meet your financial obligations because of this debt. We wanted to take a moment to provide you with some things that you can do to regain control over this debt, and help you build a better financial future. 

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