Before And After Bankruptcy

Before And After Bankruptcy

Bankruptcy may be a life-changing experience. Bankruptcy may help anyone transition from a seemingly overwhelming, insurmountable financial situation to one where they may start anew and fresh with few or no financial burdens whatsoever.

BEFORE – Excessive unsecured debt

Many people overspend on their cards whether by choice or necessity. Some people are faced with unforeseen medical emergencies that cause them to incur exorbitant medical bills. “Bankruptcy” does not judge those who file.

AFTER – A Fresh Start

Bankruptcy provides a fresh start by discharging almost all unsecured debt, including credit cards, medical bills, and personal loans.

BEFORE – Sudden unemployment

When a wage earner and provider loses an essential source of income, life may suddenly appear bleak.

AFTER- A Fresh Start

Bankruptcy provides a fresh start by discharging almost all unsecured debt, including credit cards, medical bills, and personal loans. The elimination of burdensome debt when there is income absent from a household provides valuable relief.

BEFORE – Divorce

Couples often divorce because of financial issues and the problems that result. Filing bankruptcy before divorcing may resolve all of these financial issues and resulting problems.

AFTER- A Fresh Start

Bankruptcy provides a fresh start by discharging almost all unsecured debt, including credit cards, medical bills, and personal loans. This allows ex-spouses to re-enter single life with a fresh start.

When concluded, a bankruptcy filing remains on a debtor’s credit report for seven (7) or ten (10) years depending under which chapter the bankruptcy was filed. The effect of a bankruptcy on a debtor’s credit score may be mitigated by other variables.

The FHA, the federal agency that insures millions of mortgages, has one of the most liberal policies for those who have filed bankruptcy and need mortgages. Generally, the FHA only precludes debtors from obtaining a new FHA mortgage for two years from the discharge date of a Chapter 7 bankruptcy, provided the debtor has acted responsibly and has good credit during the two-year period. Thus, debtors should realize that financing for a new home may still be available shortly after receiving a discharge order in a bankruptcy case.

The Morrison Law Group strives for complete client satisfaction with the services that we provide throughout a client’s bankruptcy case, as well as the ongoing services that we provide post-bankruptcy. Not all Utah Bankruptcy attorneys can make this statement, but the Morrison Law Group is not like other Utah bankruptcy law firms. We can help if you are facing possible foreclosure or just a few months behind on your mortgage payments. 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.

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