Salt Lake City Bankruptcy and Debt Attorney
There are a lot of myths out there about bankruptcy. Many people hear these rumors and are so afraid of the bankruptcy process that they never even bother to talk to a lawyer and get straight facts. Do not miss your chance to get the debt relief you deserve.
At the law offices of Enderton & Mathews, our Utah bankruptcy lawyers can put bankruptcy myths to bed and give you straight facts. With more than 20 years of shared bankruptcy experience, our attorneys can help you understand how the process actually works, so you can make a well-informed decision about your financial future.
Myth: You lose everything when you file bankruptcy
Fact: Most people who file for bankruptcy do not lose anything. The United States Bankruptcy Code allows each state to outline exempt property. A trustee cannot take anything that is exempt under the code and there is very little that is not exempt for most people who file Chapter 7 bankruptcy. Chapter 13 is designed to allow people to keep property that is not protected by an exemption.
Myth: Bankruptcy ruins your credit
Fact: While bankruptcy does have an adverse affect on your credit, it is only one of many factors that impact your credit. Your actions after you file for bankruptcy have a greater effect on your credit than the fact that you filed for bankruptcy. If you need bankruptcy protection, chances are your credit score is already suffering.
Myth: Everyone will find out you filed for bankruptcy
Fact: It is true that bankruptcy records are public. However, the only people who are provided official notice of the bankruptcy are people to whom you owe money. Other people such as your boss, friends and family members will probably never know unless they go out of their way to find out.
Myth: It's harder to file bankruptcy since the law changed
Fact: New bankruptcy laws went into effect on Oct. 17, 2005. However, the changes mostly resulted in a few more hoops people need to jump through before they can file, such as collecting six months of pay stubs and completing a credit counseling session. Almost all of the same debts are dischargeable under the new law as were dischargeable under the old law.
Contact Us
Before you make a decision about what is right for you, your family and your business, get the facts about bankruptcy. From our offices in Salt Lake City, we have helped thousands of people just like you get the debt relief they deserve. Contact us today to schedule a free initial consultation and get the real story behind bankruptcy.
