If you’ve been following the news, especially the financial news, then you know the lives of the rich and powerful are different from those of the majority of us. When a middle-class person goes bankrupt, that typically means he or she has borrowed so much money that it will never be paid back. The person has to declare to the court and to the debtors that he or she will never be able to return the money. Then, depending on the circumstances, one of the many chapters of bankruptcy is filed and an agreement is reached. When it comes to creditors, they simply want to have as much of their money or assets returned as possible. For the person in debt, he or she just wants to have as much of the debt absolved as possible. That’s what a bankruptcy proceeding is like for the middle class.
How a Millionaire Goes Bankrupt
That’s not how bankruptcy goes for millionaires. Somehow, they have millions of dollars in the bank, millions of dollars in assets, and millions of dollars in debt. They file bankruptcy and they end up not owing any of that money but are still allowed to keep their money and assets. You might look at that and think it’s just another case of different rules being applied to the wealthy. The secret is not that the wealthy have different rules; they simply understand the rules that govern everyone.
You might not be a millionaire, but with a bankruptcy lawyer, you can go bankrupt like one.
Bankruptcy laws are designed to be complex and hard to understand. That’s because they were made to favor the powerful. For many, that power comes from having lots of money. If you don’t have a lot of money, you can still fight for the best possible absolution of your debt. First, you should choose a local lawyer who understands the intricacies of your specific jurisdiction. That means, if you’re in Salt Lake City, Utah, you should hire a bankruptcy lawyer in Salt Lake City. That way, you will know that whomever you hire has an intimate knowledge of the local proceedings and the laws coming from the capital.
That bankruptcy lawyer should be a member of a well-respected firm with a good track record of providing good deals to his or her clients. A relationship with a lawyer is one built on trust and mutual benefit. That’s how you should approach finding a lawyer. You need one who has worked with clients in your area to help them navigate the murky waters of bankruptcy law.
When you think about bankruptcy, chances are you think about people who end up with no money or assets. That’s not the case. Bankruptcy,
when navigated with a skilled attorney, can be a strategic maneuver that actually places you in a better negotiating position than before.
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