Want Debt-Relief? Hire The Best Bankruptcy Attorney Ogden Has To Offer

People and businesses who have experienced a tragic financial crisis are able to get help. These individuals or organizations can be relieved of their debt as well as starting over with a clean slate. Bankruptcy can allow entities to reorganize and rebuild without financial pressures from creditors and debt collection agencies.  If you are falling behind on payments, consider hiring the best bankruptcy attorney Ogden has to offer for debt-relief.

Even though a clean financial slate can be very appealing, filing for bankruptcy is not void of any negative consequences. Filing for bankruptcy can have a significant negative impact on your credit. It is best to look at all your financial options before deciding on bankruptcy. So the question remains; when is it time to file for bankruptcy?

Why Should You File For Bankruptcy?

The primary purpose of declaring bankruptcy is to obtain debt relief. However, an even more pressing reason why people choose to file for bankruptcy is to get creditors off their backs. When you file for bankruptcy it activates what is referred to as the automatic stay. This stops creditors from any further collection attempts and frees the responsible party from overwhelming financial pressures of having delinquent accounts. There are many types of bankruptcy, but Chapter 7 & 13 are the most common. Understanding the difference between the two can help you make the best choice for your situation.

Chapter 7 Bankruptcy

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All your non-exempt assets will be liquidated to pay off creditors when you file for Chapter 7 bankruptcy. Once your non-exempt assets are sold and the money is split between your creditors, all your remaining unsecured debts will be void. This tends to be the best option when individuals have very little non-exempt assets and their income isn’t enough to cover unsecured debts. Unsecured debts include credit card and medical bills.

Chapter 13 Bankruptcy

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On the other hand, Chapter 13 only recognizes your debt and finds an affordable way for you to pay them. This is great for those who have incomes large enough to handle a repayment plan for their debt obligations. Chapter 13 is usually the right choice If you have plenty of exempt and non-exempt assets. Even though you have to pay the entire amount that you owe, you get to keep all of your assets while allowing yourself more time to repay creditors. Chapter 13 is a great option for those who need a financial break to catch up on mortgage or car payments.

Is There A Right Time to File for Bankruptcy?

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Only you can decide when it’s the right time to file for personal bankruptcy. Because of this, you should only bring your case to court once you have carefully and properly assessed your financial situation. However, filing for bankruptcy can be very beneficial in the following situations:

  • Negotiations with your creditors have failed since they insist on getting the full payment and won’t work with you on a repayment plan.
  • The cost of servicing your debts far exceeds your income. Meaning, you have very few assets to cover a large number of liabilities.
  • You are getting deeper into debt by paying your creditors with a credit card.

Keep in mind bankruptcy will reflect on your credit report for the next ten years for Chapter 7 or seven years for Chapter 13. This will greatly affect your eligibility for loans and increase interest rates.

Filing For Bankruptcy?

Consider Hiring The Most Reliable Bankruptcy Attorney Ogden Has To Offer

Even though bankruptcy courts allow self-representation, no one should have to file for bankruptcy on their own. With the proper support and assistance of an experienced bankruptcy lawyer, you can get the bankruptcy help you need. Our top bankruptcy attorney can help you successfully navigate through complicated bankruptcy laws and make the entire bankruptcy process more manageable. For financial freedom and the best bankruptcy attorney Ogden has to offer, give BDJ Express Law a call today at (801) 394-2336.

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