Utah Bankruptcy Attorney | Salt Lake Bankruptcy Lawyer
Bankruptcy is Becoming Too Common in Utah
Studies show that the most common reasons for filing for bankruptcy in Utah are:
- Job loss, followed by an inability to find work that pays nearly as well
- Medical expenses that aren’t reimbursed by insurance or government programs
- Divorce or legal separation
- Small business failures
- Foreclosure crisis
Once a financial catastrophe strikes, many people take on significant debt just to weather the storm. If people saved enough, they would be ready for these unexpected twists and turns. But, for a variety of reasons, many of people spend too much and save too little in Salt Lake.
Readily available credit makes it easy to live beyond means and is difficult to resist advertisers. If, because of illness, loss of work, or just plain bad planning, people can’t pay for the things they need, feelings of fear and guilt are often their first responses. But the Utah economy depends on spending, the more, the better. In short Utah economic life is built on a contradiction.
Bankruptcy is a Way to Get Back on Your Feet
In this age of billion-dollar bailouts for poorly managed financial institutions, people should not feel guilt ridden too much about the debt they’ve run up. Large creditors expect defaults and bankruptcies and treat them as a cost doing business. The reason banks issue so many credit cards is that it is very profitable, even though some credit card debts are wiped out in a bankruptcy and never repaid.
Bankruptcy is a worthy part of our legal system, based as it is on forgiveness rather than retribution. Certainly, it helps keep families tether, frees up income and resources for children, reduces suicide rates, and keeps the ranks of the homeless from growing even larger. And perhaps paradoxically, every successful bankruptcy returns a newly empowered person to the ranks of the consumer.
Utah Bankruptcy Lawyers Help Those in Dire Financial Situations
If you suddenly find yourself without a job; socked with huge, unexpected medical bills you can’t pays; or simply snowed under by an impossible debt burden, bankruptcy provides a chance for a fresh start and a renewed, positive outlook on life.
Call a Utah bankruptcy attorney from Salt Lake based Salcido Law Firm to start the bankruptcy process. A Salcido Law Firm lawyer will help you keep your home and begin a new financial path towards freedom. Call 801.413.1753 to speak with a bankruptcy attorney today.