Protect Your Assets and Your Future
Chapter 7 Bankruptcy for Salt Lake City, Utah
Mental stress and marital stress are the two main reasons to seek the protection bankruptcy can offer. The amount of debt you have accumulated is irrelevant to the question of what weight is your debt putting on your mind and, possibly, your marriage. If you feel that the stress you are experiencing due to your debt is too much to bear then contact the Law Office of Sherri Flans Palmer for compassionate help.
Chapter 7 bankruptcy, or personal bankruptcy, is primarily used by individuals who want to get out of debt, but is also used by businesses that want to liquidate their assets and terminate their business. For many clients, bankruptcy allows them to discharge credit card debt, medical bills, judgments, income tax and federal and state taxes that have been filed and are more than three years old.
At the Law Office of Sherri Flans Palmer, we have worked with clients in bankruptcy for over 20 years, and understand how bankruptcy can help clients out of debt. Bankruptcy is not meant to be used as a quick-fix solution to irresponsible spending, but is a good option for those who need to start-over their financial life.
Contact our firm online or call 801-965-1787 to set up an appointment. We will discuss your situation and decide if Chapter 7 bankruptcy is the best option for your situation.
Are you worried about losing your home, your car or other large assets if you file for Chapter 7 bankruptcy? In some cases, you may be able to keep those assets even after filing for bankruptcy. Attorney Sherri Flans Palmer will help guide you through the process as quickly and efficiently as possible, so that you can hold on to what you deserve.
What about My Credit?
One of the most common concerns about filling for bankruptcy is the effect that it will have on a person's credit. A bankruptcy will appear on a credit report for up to ten years after filing. This is longer than the seven years that other negative reports, such as late payments on credit cards or foreclosures, are allowed to be on a credit report. However, having a bankruptcy listed on a credit report is not as big of a problem as it might seem.
Typically, credit agencies understand that since a person cannot file another bankruptcy for at least 8 years, they know they will not have to bear that risk. Getting a high credit limit or borrowing large sums of money will be difficult, but getting smaller credit, such as a secured credit card, will not be as difficult and will allow a person to rebuild their credit over time. A bankruptcy may result in higher interest rates and higher down payments.
Contact our Firm
In the long run, however, Chapter 7 bankruptcy may still be the best option for your situation. To find out if Chapter 7 bankruptcy is appropriate for your situation, contact a lawyer at the Law Office of Sherri Flans Palmer. Call toll free 801-965-1787 to schedule an appointment.
