As adults, you start at the age of 18 with the cleanest of slates and the best intentions to maintain financial stability and avoid the burden of excessive debt. You may not own many assets but you have little or no debt. Hopefully, you are aware of the danger of incurring too much debt at this point in your young life. After all, you may still be in school and, if employed, likely, you are not earning anything much above minimum wage. This is one of the most stable times in your life. Of course, this will all change as time goes by and hopefully, once you start to own more property and are extended more credit, you remain in a position of financial stability.
Unfortunately, life takes many turns, often regardless of the decisions that you make. Often these bumps in the road are unforeseen and have devastating effects. Whether laid-off at work, struck with a medical illness or condition or involved in a serious accident, the effect on your finances and the result may be the same – a long list of bills that you are unable to pay in a timely fashion, thus incurring more interest and penalties, as well as subjecting yourself to endless harassment by creditors. In short, you are left with a burdensome, stressful situation that requires some immediate solution – something to wipe the slate clean.
Many people file a bankruptcy case because some event or group of events has occurred that has had a significant negative impact on their financial state. Moving forward and living life with some comfort and peace of mind may be difficult at this time. A clean slate or fresh start is necessary but the options to accomplish this may be limited.
Not everyone may be in a position to utilize debt consolidation, debt settlement, or a debt management plan as solutions to alleviate excessive and burdensome debt. Many people in this stressful situation may not realize or even consider one of their most effective options for providing an effective, long-lasting solution – bankruptcy.
Bankruptcy is an effective tool for wiping the slate clean, setting things straight once again, and starting fresh and anew. A Chapter 7 bankruptcy case may provide long-lasting relief at little or no cost.
Not every type of debt is dischargeable in bankruptcy. Student loans, alimony, child support, and certain taxes are also not usually dischargeable in a bankruptcy case. Thus, if it is this type of debt that is causing you financial problems and stress, bankruptcy may not be your best solution for obtaining a fresh start. However, in some extremely rare cases, student loans and other types of debt might be discharged if you can demonstrate that making payments would cause an undue hardship.
A Chapter 7 bankruptcy case eliminates debts quickly in three to four months without any need for debtors to repay all or a portion of them through a monthly repayment plan. Bankruptcy allows debtors to freshly restart their life with a clean slate. 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. Bankruptcy does not represent failure but an opportunity to wipe the slate clean and start over.
Theron Morrison cares about protecting your rights. Talk to the Morrison Law Group 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.