The Utah legal practice of Ryan E. Simpson helps individuals and families throughout the West Jordan area of Utah find relief from overwhelming debt and creditor harassment. Many think of bankruptcy as a last resort, a move made out of desperation; however, bankruptcy can be the best means to make a fresh start and achieve financial stability. Learn more at http://ceicom.org
How Bankruptcy Can Help You
Mounting unpaid debt can lead to many difficult situations that are hard to confront and resolve when your income does not even cover your expenses. Burying your head in the sand will only make the problems worse. Bankruptcy may be the answer to the following situations:
● You face a foreclosure sale on your home. Filing for bankruptcy can stop foreclosure and give you a chance to make up missed payments. Once your bankruptcy petition is filed, you are immediately entitled to an “automatic stay,” which means that creditors must immediately stop attempting to collect on the debts you owe, and they cannot file foreclosure or other legal proceedings against you.
● Your vehicle is vulnerable to repossession. Once the automatic stay goes into effect, creditors cannot repossess your car. Also, both Utah and federal law provide for exemptions that allow you to keep certain personal property that you need on a daily basis, which often includes your vehicle.
● You face lawsuits from creditors. Once you file for bankruptcy and the automatic stay goes into effect, a creditor cannot sue you.
● You have lost income to a wage garnishment. The automatic stay will stop wage garnishment from a lawsuit over unsecured debt. The only exception may be for on-going child or family support ordered by a court.
● You are being constantly harassed by creditor phone calls. The automatic stay also stops creditor harassment because creditors will no longer be allowed to call your home or mail you bills or notices.
● You are unable to pay your monthly bills as they come due. Both Chapter 7 and Chapter 13 may benefit you if you are unable to pay your monthly bills. With Chapter 7, unsecured debt is generally discharged altogether, and with Chapter 13, you can reorganize your debt and make smaller, consolidated payments. With both, the automatic stay prohibits creditors from collecting on debts during the bankruptcy proceedings.
Depending on your circumstances, bankruptcy can help you hold on to your property and maintain your lifestyle. Take control of your finances and contact Ryan E. Simpson for a free consultation. Bankruptcy Lawyers in West Jordan and throughout Utah can help.