Bankruptcy Don’ts
Bankruptcy is a way for people with excessive debt to manage or even eradicate it. When a person has too much debt to pay in a given period, they can either reorganize the debt on their terms or file for nearly complete debt erasure for qualified instances. If you or someone you know is struggling with debt and is running out of options, they can turn to the bankruptcy Utah lawyers at Alta Legal to help them get the results they need to breathe easier.
Bankruptcy Don’ts
There are some things you need to avoid doing if facing bankruptcy. They can get you into trouble or block the process of bankruptcy. Alta Legal bankruptcy lawyers Utah can walk you through the process and advise you on what not to do, such as the following:
- Don’t transfer assets out of your name to someone else.
- Don’t dip into your 401k or any retirement accounts or take out a loan against them.
- Avoid taking out a loan against your home. If you file bankruptcy in Utah, you might be able to retain some equity in the home due to exemption.
- Don’t make payments totaling $600 or more to creditors 90 days before filing bankruptcy.
A Utah bankruptcy attorney can provide you with the do’s and don’ts to help avoid issues and get the best outcome for their particular situation. A top bankruptcy attorney Utah can provide you with the information and insight you need to understand the process and your options clearly. They can also file all the paperwork and submit documents to the appropriate parties by the specified timeline.
If you need a leading bankruptcy attorney Utah, reach out to Alta Legal and let our experts provide options and peace of mind.