The decision to file bankruptcy can be a difficult one. However, in most cases the filer is left in a much better situation than before. And contrary to what you may have heard, in most cases the filer keeps their home and cars. Every case is different, but the outcome can mean a much lighter debt load or even the elimination of all your debts.
Companies and individuals can file bankruptcy and be immediately relived of law suits and creditor harassment. They can get a fresh start so that they can focus on their business or building their future.
Many also report a positive effect on their personal, emotional, and family situations after bankruptcy. Utah, like other states has unique rules when it comes to bankruptcy so you will want to make sure that you choose a Provo Utah Bankruptcy Attorney that has experience with preparing, filing, and defending your case. Bankruptcy can be a way for you to get a fresh start. Many times bankruptcy can keep things from getting worse so that you can move forward.
Reorganization bankruptcies can be filed under the following guidelines:
- Chapter 9 – municipalities
- Chapter 11 – businesses and individuals with many assets
- Chapter 12 – farmers, fisherman
- Chapter 13 – individuals with steady income
- Chapter 15 – international cases
Contact us today to learn more about your options under the current bankruptcy laws. We’re here to help.
The top 10 mistakes when filing for Bankruptcy:
- Having more than $25 in your bank account on the date of filing for bankruptcy
- Filing when you are owed a substantial tax refund from either the IRS or the State of Utah.
- Filing when you are owed money, the court will collect that money and distribute it among your creditors.
- Paying a relative or close friend significant amounts of money within the year prior to filing for bankruptcy protection. The trustee will contact the relative and require them to pay it back to the Court so that the court can distribute it among your creditors.
- Transferring assets out of your name prior to filing bankruptcy.
- Paying an unsecured creditor more than $600 in the 90 days prior to filing bankruptcy.
- Incurring debt once you have seriously considered bankruptcy as an option.
- Charging on a credit card in the 90 days prior to filing bankruptcy.
- Filing if you are anticipating an inheritance within the next year.
- Filing if you have real estate under contract to sell
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BEST Provo Utah Bankruptcy Attorney
When I called around looking for a Provo Utah Bankruptcy Attorney, I got a wide range of prices and attitudes. When I talked to John at Hendricks and Larsen he was real! Other attorneys seemed to talk down to me. John was very respectful and supportive throughout my whole bankruptcy process. He treated me as an equal!
David Provo, Utah