Filing bankruptcy can be a confusing time for anyone. There are so many different options that you can choose from, and so many different places for you to make a small mistake, which could cause your bankruptcy petition to be rejected by the court. There are many questions that you will have for your Bankruptcy Lawyer Salt Lake City. Here are three of the most frequently asked questions to your Bankruptcy Lawyer in Salt Lake City.
Why do I need a lawyer to file bankruptcy?
Technically, you may file for bankruptcy on your own without a Bankruptcy Lawyer Salt Lake City. However, bankruptcy law is complex with rigid deadlines. Mistakes can be costly, both in terms of how expensive they can be and in the effect they can have on your bankruptcy petition. You will have to deal with and negotiate with potentially aggressive creditors who will argue for your bankruptcy petition to be dismissed by the court. Making simple filing mistakes can result in your still owing thousands of dollars outside of your bankruptcy even if it has been approved. Because of the complexities and opportunities for error, hiring a Bankruptcy Lawyer Salt Lake City is highly recommended.
Can I keep my property after bankruptcy?
This is a question that your Bankruptcy Lawyer Salt Lake City will be able to answer specifically, but in general, your property will either be labeled as exempt (which you will probably be able to keep) or nonexempt (which you may have to give up to pay off your debt to creditors). What falls under which category is something that your Bankruptcy Lawyer Salt Lake City will be able to explain in detail because it varies so much from area to area.
What is a debt settlement?
A debt settlement is an alternative to filing bankruptcy. Sometimes, your Bankruptcy Lawyer Salt Lake City will advise you that filing bankruptcy is not your best option and will help you negotiate a debt settlement with your creditors in order to pay off the debt that you owe them without having to deal with teh consequences of filing for bankruptcy. This is an area that is just as complicated as bankruptcy, so finding an experienced Bankruptcy Lawyer Salt Lake City is still important. Click here to get professional legal representation for bankruptcy cases in Salt Lake City, UT.
