When dealing with excessive debt, it can be difficult. No one wants to go through the hassles of having bill collectors constantly calling them. Debt can pile up due to the loss of a job, medical bills and a host of other issues. If you have more debt than you can handle and have tried every method possible of clearing your debt, there is still hope. Though you should never consider bankruptcy as a first choice, it can be an effective method for many people who have done all they can to make arrangements to settle their debt.
What Happens During a Bankruptcy?
When you first meet with a Bankruptcy Lawyer in Salt Lake City, you will need to bring in information on the debts you owe, properties you own and your monthly income. Providing this information will assist your attorney in making the decision on which bankruptcy will best benefit your particular financial needs. In most cases, you are allowed to keep certain essential property, like your home, car, furniture and your clothing. In some bankruptcy situations, you may be required to liquidate all of your other assets. The attorney will give you information on the different types of bankruptcy and their advantages.
When filing for bankruptcy, it is important you provide information on all of the debts you owe, no matter how small or large. These debts will need to be listed on the bankruptcy paperwork or you will still be held responsible for them. Though it may be tedious going through all of your financial records, it is in your best interest to take the time to gather this information in its entirety.
Once your bankruptcy has been filed with the courts, you will be given a hearing date and your account holders will be informed you are filing for bankruptcy. They have a right to appeal and can make a response to your filing. It will be up to the judge to make the final decision on your bankruptcy. He or she will listen to the accounts of your financial status and the bills you owe. Once approved, you will most likely pay a monthly fee to the court. This amount will be distributed among your creditors.
Here, you can find out how bankruptcy can improve your financial future and how a Bankruptcy Lawyer in Salt Lake City can help.
