Bankruptcy Provo | Frequently Asked Questions

What is bankruptcy?

Basically, bankruptcy is a federally governed process that helps consumers and businesses get back on their feet. There are different ways to do this, but the end goal is to help take away the burden of being in debt. One way is of discharging debt is through the liquidation of assets. Another bankruptcy option is to reorganize or restructure your debt to make it more manageable to pay back. The bankruptcy process also involves financial education to help avoid future financial troubles.

Will bankruptcy prevent foreclosure?

Yes! As soon as a bankruptcy petition is filed the bankruptcy court issues an “automatic stay.” Creditors cannot take any action against you after the automatic stay is released.  This means that as soon as you file bankruptcy, your creditors are required by Federal Law to leave you alone!

How long does filing bankruptcy take?

The process can vary for different people, but the important thing to remember is that the automatic stay is issued immediately. This means that the effects of filing bankruptcy begin right away. Overall filing bankruptcy usually takes somewhere between 3 and 5 months.

How can I stop being harassed by my creditors?

The easiest solution is to start the bankruptcy process. The key is the automatic stay. As soon as the bankruptcy court issues that document, your creditors are required to stop pursuing you. It is a sure way to relief from the phone calls and letters from creditors.

Is bankruptcy right for me?

Filing bankruptcy isn’t the best choice for everyone. It is important to consider all of your options before making the decision to file bankruptcy. However, if you have are in over your head with debt and see no way of getting out, it may be time to file bankruptcy.

The purpose of bankruptcy is to ensure that debt cannot ruin a person’s finances for the rest of their life.  Bankruptcy is not a solution to making bad spending choices or a way out of the responsibility of paying back debt. It is a way to get back on your feet after falling on hard luck. Contact us for a Free Consultation and we’ll discuss what is best for your situation.

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Affordable Bankruptcy Advocates is a debt relief agency.
We help people file for bankruptcy relief under the Bankruptcy Code.

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