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


Basics of Bankruptcy

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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. What will make you stop spending money you don’t have?

But 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. Please be aware there are other options as well, home loan modification (I would counsel clients to be very careful of retaining loan-mod companies as I have seen many unhappy customers), credit card negotiations and tax negotiations are all options that may help alleviate the pressures of excessive debt without requiring bankruptcy. If you are being choked by debt and do not know where to turn or what to do, please contact us for help.

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