SLC Bankruptcy Center | Affordable Bankruptcy Advocates | Salt Lake Bankruptcy Attorney

 

Salt Lake Bankruptcy FAQ

  • What is Bankruptcy?

    Bankruptcy is a legal process governed by Federal Laws that allows businesses and consumers to eliminate or restructure their debts in order to help them manage a financial hardship. Bankruptcy can help “discharge” or eliminate date through “liquidation” or asset sales to pay back creditors. Bankruptcy can also allow “reorganization” or the legal process of restructuring debt to allow consumers or businesses to pay back their creditors according to more manageable terms.

    In basic terms, bankruptcy helps troubled debtors get back on their feet by eliminating debt. It also requires debtors to take financial education courses to help them avoid financial troubles in the future.

  • Can bankruptcy help prevent foreclosure?

    Yes!

    As soon as a bankruptcy petition is filed, an “Automatic Stay” is created. An Automatic Stay prevents creditors from taking any action against a debtor.

    That means that as soon as you file a bankruptcy petition any wage garnishment procedures, foreclosures, or any harassing phone calls and letters must cease according to Federal Law.

  • How much does it cost to file bankruptcy?

    As with all legal services, prices can vary.

    At Affordable Bankruptcy Advocates, we pride ourselves on delivering top quality legal services at affordable prices. Contact us today for a Free Consultation and an exact quote that is tailored to your situation.

    Chapter 13 bankruptcies are typically more expensive because of the complicated nature, but most of the cost can be rolled into the 3 – 5 year plan approved by the Federal Bankruptcy Court

  • How long does it take to file bankruptcy?

    The important thing to remember about bankruptcy timelines is that the Automatic Stay is created as soon as the bankruptcy petition is filed. Therefore, if you’re facing foreclosure, garnishments, or overwhelming creditor harassment, a bankruptcy petition will put a stop to all of that as soon as it is filed.

    After the petition is filed with the court, a Chapter 7 case can take about 3 – 5 months to finalize the debt “discharge” or elimination. After the debt is discharged, you will be back on the road to financial recovery.

  • How can I stop my creditors from harassing me?

    File a bankruptcy petition.

    Plain and simple, as soon as you file a bankruptcy petition with the court, all creditors are legally prohibited from making any effort to collect on the debts you owe.

  • How do I know if bankruptcy is the right decision?

    Deciding whether or not bankruptcy might be a viable option for you is a hard choice and should be taken seriously. If you find yourself buried by debt with no way to keep going you should consider all your options before deciding that bankruptcy is your best alternative. In my opinion, the two most important things to consider when looking at bankruptcy are (1) how did you get in the situation, and (2) how will things be different once you are out. Many good, honest, fiscally responsible people get in to bad situations through unforeseeable circumstances. However others get into debt through bad money management and making poor fiscal decisions. Bankruptcy provides temporary relief for both, but in my experience it does not change bad spending and saving habits. Bankruptcy should not be used as a free pass or way to avoid responsibility. I would encourage potential clients to consider how their future will be different.

    Bankruptcy can be a great option for people who have fallen on hard times and despite their best efforts cannot keep their heads above water. Bankruptcy laws were created so that debt cannot cripple you forever; it can be a helpful way out of the financial quicksand. If you are being choked by debt and do not know where to turn or what to do, contact us for a Free Consultation so that we can help you examine your specific financial circumstances.

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