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Debunking Some Common Myths About Bankruptcy In Utah


There is a wealth of information available online about all aspects of debt management and bankruptcy, however, as with almost everything else you may be researching on the internet, it is important to know how to separate the fact from the fiction. Bankruptcy is nothing to be ashamed of, and you are far from being the only person in Salt Lake City currently contemplating it as an option.


File for Bankruptcy, You Will Lose Your Home?? It is easy to understand why this particular bankruptcy myth has gained so much traction, as it is human nature to focus on what worries us most. What could be more worrying than potentially losing your home, particularly if you have young children to think about? The truth of the matter is considerably less traumatic and, although Chapter 7 bankruptcy will require some property to be liquidated, certain properties can be exempted. Both Chapter 7 and Chapter 13 offer some alternatives to losing a property, which can be discussed with your Salt Lake City bankruptcy attorney.


All Your Debts Will be Wiped Out

This myth may not be too concerning, but it is inaccurate and misleading at best. While much of your debt will be cancelled when you file for bankruptcy, you will remain liable for certain debts such as child support, criminal restitution, and student loans.

Should you opt for Chapter 13 bankruptcy, you will be required to complete a repayment plan before being discharged.


Will You Be Able to Get a Mortgage, or Other Credit??

Again, this is a myth. While you should be very careful when entering into credit agreements in the future – after all, you do not want history to repeat itself – providing you manage your finances well in the future, you should be able to get a mortgage, or secure other finance options going forward. Although bankruptcy can remain on your credit file for up to ten years, you could find that filing for either Chapter 7 or Chapter 13 bankruptcy can actually lead to your credit score recovering more quickly than had you not filed.


Considering Bankruptcy? Speak to an Attorney Today If your debts have become unmanageable, bankruptcy can be a far preferable option to continuing along your current route of stress and worry. When you discuss your circumstances with an experienced Salt Lake City attorney, they can recommend either Chapter 7 or Chapter 13 bankruptcy as the most suitable option. To get started on putting an end to your debt problems, schedule your free consultation by calling Justin M. Myers today.


Contact JMM Legal

Address: 1122 W. South Jordan Pkwy. Suite A South Jordan, UT 84095 Phone No: 801-505-9679 Web: https://www.jmmlegal.com/contact/

Debunking Some Common Myths About Bankruptcy In Utah  

If your debts have become unmanageable, bankruptcy can be a far preferable option to continuing along your current route of stress and worry...

Debunking Some Common Myths About Bankruptcy In Utah  

If your debts have become unmanageable, bankruptcy can be a far preferable option to continuing along your current route of stress and worry...

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