Many people reach the point where they see bankruptcy as the only way out of their financial dilemma. Filing for bankruptcy can be very complex, to ensure you are making the correct choice of category you should always consult with a Utah bankruptcy attorney.
What does a bankruptcy attorney do?
What the attorney does depends to a great extent whether he or she is asked to represent a commercial client or a consumer. There are different options available for each. It is mandatory that a commercial enterprise have an attorney and it is highly recommended that a consumer does as well.
Is bankruptcy the best option?
There are signs that you may be heading to bankruptcy, some of them are:
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You can’t pay your bills
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You are constantly being contacted by creditors as well as debt collectors
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You are unsure how to deal with ever continuing debt
If it is your business that is in financial difficulty you may want a Utah bankruptcy attorney that is experienced in the laws and rules associated with Chapter 11. If you opt for Chapter 11 your lawyer can help you get the time that you need to reorganize and restructure the existing debt. If you know there is no option other than closing the business your attorney will file Chapter 7 on your behalf. When this approach is taken the business assets will be sold and used to clear the debt.
If you’re filing for personal bankruptcy, Chapter 7 is also an available and often used solution to eliminating debt. As with business bankruptcy, you will get a fresh start in return for your assets. If you hold a decent job and you wish to retain your assets then your attorney will file for Chapter 13. With Chapter 13 you are given time to reorganize your debts and develop a repayment plan.
