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Ogden Utah Bankruptcy Attorney

The United States Constitution has decreed that filing or declaring bankruptcy is a right of both U.S. citizens and businesses. In many cases, bankruptcy allows individuals or businesses to pay their debts, resolve financial difficulties, rebuild their credit, and gain a fresh start.

Are you thinking of filing for bankruptcy? If you answered yes, then you are not alone. According to the U.S. Bankruptcy Courts, during a 12-month period ending on on December 31, 2014, 936,795 people (businesses included) filed for bankruptcy at the district and court levels. Of these 936,795 people, 13,725 filed for bankruptcy in the state of Utah. The remainder of the post, written by an Ogden Utah bankruptcy attorney, will explore the advantages of filing for bankruptcy.

Advantages of Filing for Bankruptcy.

For many individuals and businesses, filing for bankruptcy is the correct course of action. While there are numerous advantages to filing for bankruptcy, below you will find the most popular benefits:

    Bankruptcy triggers an automatic stay. - The automatic stay prevents creditors from taking actions to collect their debts. It prevents them from calling, suing, or sending collection letters to your person.
    Discharge your obligation to pay outstanding debts. - In some cases, filing bankruptcy will prevent you from having to repay any of your dis chargeable debts. Working with a lawyer will help you to better determine what debts are forgivable.
    Working with a lawyer can help you to keep your property. - An Ogden Utah bankruptcy attorney can use bankruptcy exemptions to help you retain your property.
    Start rebuilding your credit. - Even though bankruptcy filings can remain on your record for up to 10 years, you will be able to immediately start rebuilding your credit. This is due to the fact that debts can be discharged during bankruptcy.

If you are thinking of filing for bankruptcy, be sure to contact your local Ogden Utah bankruptcy attorney. Your lawyer will be able to use his professional experience to help you declare the correct form of bankruptcy. In fact, your lawyer will be able to help you start fresh after declaring bankruptcy.

How to Start Fresh After Declaring Bankruptcy

Bankruptcy laws allow debtors to gain a fresh start and take a hiatus from the harassment of collection efforts by creditors. The automatic stay prohibits collection agencies from coming after you. The purpose of this reprieve is to give you a chance to regroup financially, while you consult with your Ogden Utah bankruptcy attorney. While your lawyer is properly filing your bankruptcy claims, you can begin to systematically start over.

From building credit to gaining a fresh financial start, bankruptcy can help you to undertake the process peacefully. To learn more about whether filing bankruptcy is right for you or your business, please contact us today.