Bankruptcy Facts: What You Should Know When Considering Filing for BankruptcyTerohan Nula July 25, 2017 0 COMMENTS
Individuals and businesses file for bankruptcy to get protection from the federal courts. This will allow them to repay all or some of their debts.
When filing for bankruptcy, you need the help of a bankruptcy attorney in Salt Lake City. Here are some facts about what bankruptcy can and cannot do:
Bankruptcy can stop your creditor from repossessing your car. Aside from saving your vehicle, it may even allow you to pay only for the actual value of your vehicle.
Bankruptcy can help you keep your home and save it from foreclosure. Just make sure to file for bankruptcy at least nine days before the foreclosure sale date.
Stop Bill Collectors
After filing for bankruptcy, your creditors will be barred from directly contacting you.
Keep Your Car and Home
Contrary to what many people think, bankruptcy will not require you to surrender ALL your assets. In many cases, you may be allowed to keep your car and home. Your unsecured debt may also be eliminated.
Filing for bankruptcy does not take months. As long as you can come up with the required documents, your bankruptcy attorney in Salt Lake City can help you file within a couple of days.
Bankruptcy Cases Not Published
You don’t have to worry about everyone knowing that you have filed for bankruptcy. The truth is, it won’t be easy for anyone to find out whether you have filed or not. In general, only a few people know. These include your lawyer and your creditors.
A lot of married couples think that if a spouse needs to file for bankruptcy, both spouses have to do it. You can file individually if your spouse is not affected, and a majority of your debts are in your name alone.
These are some important facts about bankruptcy that you should know. Use the information to help you decide if this option is right for you.