Since the 1850s, the Utah valley has seen significant changes. From it’s humble beginnings to how it exists currently, there’s no denying the hard work that has gone into creating the valley we know and call home today. The area along the I-15 corridor has experienced amazing growth in industry, manufacturing, and tech. Here in the southern Salt Lake valley, we’ve inherited traditions of hard work, community, and life values from our ancestors, the valley settlers, and those that came well after to make a future for themselves.
The Valley is Experiencing Unprecedented Growth
Even as recently as the last couple of decades, the southern Salt Lake Valley region has seen levels of growth and development that have seldom been matched. We see businesses and major corporations sprouting up in Riverton, and houses and developments being built everywhere in Draper, with about 50% of homes built since the year 2000. The growth of tech startups in the area has given rise to the name “Silicon Slopes.”
Bankruptcy in Draper
It’s a sobering turn of a subject, but we know that where there’s amazing growth, there is also the possibility of personal economic downturn. Bankruptcy is a word that no one wants to deal with, but when insurmountable economic challenges come, the blank slate of bankruptcy might be just what you need in order to get your feet back under you.
In Draper, the average household income is 92k. The average property value is $366,000, which is over $100,000 more than just a few years ago. The population has almost doubled since 2000. However, the high income also means a higher cost of living. And a high cost of living makes it even harder to make ends meet when the money stops flowing in.
Challenges that Lead to Bankruptcy
Bankruptcy can be caused by a variety of factors. This might include divorce and family issues, health challenges that lead to crippling medical bills, and businesses going under, especially if you’re the owner. If you’re considering bankruptcy, contact Utah’s leading bankruptcy law experts. Rulon T. Burton and Associates has a wealth of experience and expertise in the field, and we understand the intensely personal nature of these struggles, so we handle each case with personal care and sensitivity.
Saving Your Home From Foreclosure
Of course, bankruptcy is an overwhelming thought. Many families and homeowners in Draper and throughout Utah are looking for ways to find both emotional and financial stability. The fact of the matter is, with rising mortgages, families face losing their homes when they can no longer keep up with hefty payments. However, losing your home isn’t the only option.
Filing for bankruptcy is a serious endeavor, but it can save your home if you’re facing foreclosure. We work with many families throughout Utah who, just as their ancestors did, work tirelessly to make sure their families have a space to call home. We’ve spoken with many clients who have come to the conclusion that filing for bankruptcy is their best option for them who didn’t even know that filing can halt foreclosure from happening. Although bankruptcy isn’t always the right solution, it can act as a second chance to keep your home. Also, there are many home modification scams out there that have caused people to lose homes they easily could have saved with bankruptcy.
Is Bankruptcy the Right Option?
As we’ve stated before, there are a multitude of challenges that might lead one to consider bankruptcy:
- Home in foreclosure
- Divorce and family issues
- Medical bills
- Unsuccessful business
- Upside down or high-interest car loans
We know that bankruptcy isn’t the right answer for every individual or family. Most likely, if you’re seeking representation from Rulon T Burton and Associates, you’ve already done your research on types of filing and if you might qualify. However, which chapter you decide to file is very important and your chance of success is heightened when working with our experienced team who will thoroughly review your options.
We understand how filing can alleviate the burdens you might currently feel, and we recommend filing when it will help you better than your other options. Making the decision to file is never simple, but with our help and representation, we will work to find the right solution for you. As we have with so many other Utah families, a consultation with our team will provide you with guidance to make a better decision for the future. Set up an appointment and together we can:
- Go over your financial situation
- Review your debts
- Discuss relief options and what chapter to file
- Discuss personal eligibility
Meet With Us Today
If you’re in Draper, Utah or beyond, contact us today to begin discussing your options to find relief from your financial burdens. We’re here to help you as we have with numerous other individuals and families facing the same difficulties. We’ve seen the hard work and dedication that has helped shaped the Draper we love today. That’s why we’re here to help you continue to make Draper a great place to live and work. Need immediate relief? Call us to set up an appointment today. Let’s get you the lawyer you deserve.