Unfortunately, excessive debt is a relatively common problem, and for individuals experiencing crushing debt, it can seem as though there is no end to the harassment by collection agencies. Fortunately, the legal system affords protections to individuals that have gotten in trouble with debt. Bankruptcy is a legal term that refers to the settling of existing debts so that an individual may have a fresh financial start. However, most bankruptcy filings end in failure. Fortunately, an experienced attorney can dramatically increase the odds that a person’s bankruptcy filing will be approved.
For individuals needing experienced Bankruptcy Lawyers in Salt Lake City, there is a local law firm that has been defending the rights of debtors for almost 20 years. Lewis Adams and Associates understands the difficulties that come with managing debt, and over the previous 17 years, the law firm has helped countless individuals achieve a fresh financial start. However, there are a couple of different types of bankruptcy types, and it is important for individuals to understand the differences before filing their case.
A Chapter 7 bankruptcy is the traditional form of bankruptcy. Under this arrangement, the vast majority of the individual’s assets are sold to generate capital to pay existing debts. Any debts that are unable to be paid from this liquidation are erased from the person’s credit. However, under this arrangement, it is important to note that the debtor will be permitted to keep some of their assets. After all, a bankruptcy is about giving someone a fresh start. In contrast to this type of bankruptcy, a Chapter 13 filing is more of a renegotiation of existing debts. Under this arrangement, the court system will work with creditors to ensure that the majority of the debt is paid, and that this goal is met without financially crippling the debtor.
Bankruptcy can give a person the fresh financial start they have always wanted. However, to successfully obtain these protections it may require the services of an experienced bankruptcy attorney. Fortunately, for those needing Bankruptcy Lawyers in Salt Lake City, Lewis Adams and Associates has almost 20 years of experience serving the Salt Lake City Area.