When Debtors Need Bankruptcy Protection
The vast majority of debtors want to repay what they owe. Consumers nearly always enter into agreements with medical providers, credit card banks and other lenders and vendors with the intention of meeting their financial obligations. The idea of lazy, irresponsible bankruptcy filers is a myth, considering the situations that often cause debt to get out of control, such as:
- A job loss or demotion
- A business downturn
- A long-term illness or medical crisis resulting in soaring medical bills
- A divorce or death of a spouse or any close family member
- A natural disaster
- A mortgage problem such as devaluation of a home, a balloon payoff coming due, or adjustable rates making monthly home loan payments unaffordable
Ask A Utah Attorney Whether Bankruptcy Is Right For You
If you are a debtor in trouble for one of these or any other reason, you deserve to know the truth about bankruptcy protection. It is a legal remedy for out-of-control debt. Bankruptcy prevents many of the worst outcomes of unmanageable debt. It can stop foreclosure and stop aggressive collection efforts by creditors. Once your discharge is complete, bankruptcy can provide you with a fresh start.
A means test can help determine what type of bankruptcy you qualify for. Through Chapter 7 bankruptcy, you may obtain a discharge of most or all of your consumer debts. A Chapter 13 bankruptcy can help you avoid foreclosure and keep your car while paying off past-due payments over three to five years. A Chapter 11 bankruptcy can allow your business to continue in operation while debts are reorganized.
McKay, Burton & Thurman in Salt Lake City, offers free initial consultations to people in need of debt relief. We can evaluate your situation and advise you of your options. We will never try to persuade you to file bankruptcy if it is inappropriate for your circumstances. If you need advice about bankruptcy alternatives, we can explain debtors’ rights and available debt relief strategies in terms you can understand.
Contact Our Salt Lake City Law Offices
McKay, Burton & Thurman represents creditors and debtors. Lawyers of this firm have served on the Panel of Trustees for the United States Bankruptcy Court for the District of Utah. Our in-depth experience on all sides of the equation of debt relief is valuable to all our bankruptcy and collections clients.