Life is often ironic. As kids, we couldn’t wait to grow up; and as adults, we yearn for the days when we were kids. Life was all fun and games back then like a game Monopoly. However, for adults, owing money is no game. You can’t just say to your creditors, “OK, you win! Let’s play again!” If you are struggling with debt, you will require the services of a Salt Lake City bankruptcy lawyer to get you out of this difficult situation.While hiring a lawyer may cost you more money, choosing to act on your own behalf could render you vulnerable to losing certain legal rights and assets. If you’re considering filing for bankruptcy, here are some of the preliminary steps:
Take the time to evaluate all your earnings and all the debts you owe before filing. Take into account all your living expenses, such as food, gas, and rent. Total this amount and subtract it from your income. If your debts are twice the amount that you earn (minus your daily expenses), then filing for bankruptcy is realistic.
Once you have obtained reports from the three major credit bureaus (Experian, TransUnion, and Equifax), go over them thoroughly. Note all the entities you owe money to, their contact information, and the debt amounts. Make sure to have this list ready before you meet with Salt Lake City bankruptcy attorneys from firms such as Craig Swapp & Associates. If you overlook something when you file for bankruptcy, you’d be forced to pay off that debt.
Most debtors file for Chapter 7 or Chapter 13 bankruptcy. You can find a lawyer in Utah who’s experienced in executing both. Ask him about all the stipulations involved in the proceedings, and note all the pros and cons. Make sure you go through all this information carefully before making a decision.
After your Salt Lake City bankruptcy attorney files your petition, expect a notification by mail for a meeting with the creditors. This is done to ensure that you’ve given truthful details about your situation. Go through your list of debts with your lawyer and ensure that everything is noted. Your lawyer will prepare you for this meeting by asking you questions about your list of debts. By seeking the right legal counsel and taking all the necessary precautions, you will not only extricate yourself from a dire financial mess, but also secure your own future
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