At the Morrison Law Group, we believe everyone deserves a fresh start. We also believe that filing a chapter 7 bankruptcy case is one of the easiest options for obtaining a fresh, new financial beginning. Since most chapter 7 cases are “no asset” cases, most chapter 7 debtors retain most, if not all, of their property.
A “no-asset” case is a chapter 7 bankruptcy case where the bankruptcy debtor does not own anything of sufficient value for a bankruptcy trustee to liquidate. In this situation, all of a debtor’s assets typically qualify as exempt from liquidation under Utah state law.
Some question whether bankruptcy is worth the cost. But this is just a perception, an incorrect perception. Consumers should not let this stigma stop them from utilizing the advantageous benefits of filing a bankruptcy case and gaining a fresh start.
What can bankruptcy do for you? It will help you relieve financial hardship, reduce emotional stress, and return to a life of normalcy.
Bankruptcy accomplishes all of the following:
- Bankruptcy stops lawsuits.
- Bankruptcy stops garnishment.
- Bankruptcy stops repossession.
- Bankruptcy stops foreclosure.
- Bankruptcy stops all creditor contact.
- Bankruptcy helps rebuild credit.
- Bankruptcy grants a “FRESH START.“
The United States Constitution empowers Congress with the option of enacting laws that allow all Americans to use bankruptcy as a means to address economic hardship. The primary purpose of the federal law, which enables a bankruptcy filing, especially under Chapter 7, is to give bankruptcy debtors a fresh start.
A clean financial slate provides an opportunity for debtors to start anew without the stress of burdensome debts. A Chapter 7 bankruptcy case eliminates debts quickly in 3-4 months without any necessity for debtors to repay all or a portion of them through a monthly repayment plan.
The notion that filing bankruptcy will ruin a debtor’s credit for 7 to 10 years is an absolute myth. Most bankruptcy debtors restore good credit in two to three years and typically receive offers of new credit soon after the bankruptcy is completed, which is usually 3-4 months after the case is filed. A bankruptcy debtor should qualify for a mortgage loan no more than three years after a bankruptcy case filing.
Bankruptcy allows debtors to go back and restart their life. Bankruptcy will stop bad credit from continuing to accumulate. It will stop creditor harassment. It will stop repossessions and threats of repossession. It will stop harassing, threatening, and continuous phone calls from creditors and their unscrupulous, collection agents.
The Morrison Law Group can help if you’re delinquent paying your mortgage and facing foreclosure or owe back taxes. We can help if you are receiving harassing phone calls or collection letters. The Morrison Law Group can help if you just need to talk about your Chapter 7 or Chapter 13 bankruptcy options. Call 801.456.9933 today to schedule a FREE consultation. We have locations in Ogden, Logan, Sandy, and St. George to serve the residents of the counties of Weber, Cache, Salt Lake, Utah, Morgan, Davis, Washington, and surrounding areas.
