Identity Fraud and Bankruptcy
Can Bankruptcy Protect Me from Debts Created by Identity Fraud?
We have had a number of clients who have had the unfortunate experience of having their identity stolen. In one situation the identity fraud led to over $30,000 in credit card debt under our client’s name and the perpetrator fled the country never to be heard of again. The perpetrator used numerous different phone numbers and addresses to associate with our client which made it difficult to determine exactly how much debt was issued. Luckily he contact us, the Utah bankruptcy law firm, to find out how he could get protected.
Bankruptcy the Most Cost Effective and Quickest Way to Resolve the Identity Fraud Debts
Bankruptcy is never something that someone looks forward to, but in the situation of identity fraud bankruptcy can provide a quick fix. In the example above it would have cost our client tens of thousands of dollars to try to dispute all of the charges and pin them on the perpetrator. It likely would have taken years to try to clear their credit report if it was possible at all. The benefit that our client had was that he no longer needed to have a good credit record because he had been retired for many years, so the negative effect that bankruptcy would have on his credit would not hurt his situation. Further, his credit had already been ruined by the identity theft so he really had nothing to lose.
Bankruptcy is able to liquidate all debts, including the debts incurred through identity theft. This provides good people who have worked hard to keep their debt down a way to avoid the problems that come with identity fraud. There is no reason why you should have to pay for the debts incurred by a thief. Bankruptcy can protect you.
Are You the Victim of Identity Fraud?
If you have had your identity stolen and the perpetrator has run up debts in your name, contact us to find out how we may be able to help you. Bankruptcy is not the right decision in every situation but it may be in yours so call us today at 801.413.1753 or email us to set up a free consultation with any attorney in our firm.