Bankruptcy FAQs
Bankruptcy Frequently Asked Questions A decision to file for bankruptcy should only be made after determining that bankruptcy is the best way to deal with your financial problems. This article provides an overview of commonly asked questions, but it simply can not explain every aspect of the bankruptcy process. If you still have questions after reading it, […]
Life After Bankruptcy in Utah
Life After Bankruptcy In Utah Will I Be Able To Get A Loan After Bankruptcy In Utah? What is Life after bankruptcy in Utah like? One of the most common questions when contemplating whether to file bankruptcy is: will I be successful in getting a loan after bankruptcy? This is particularly true if you desire […]
Use Tax Refund to pay for Bankruptcy
Every year around tax season our clients ask us how bankruptcy will impact the tax refund they are expecting. Some of the questions posed include: Can I spend my tax refund before filing? Can I use my tax refund to pay for the costs of bankruptcy? Should I file bankruptcy before receiving my tax refund? […]
What To Expect At Your 341 Meeting
341 Meeting Instructions Your section 341 meeting of creditors is approaching, so to help ensure a smooth meeting this video will provide you with instructions relating to that meeting. We’ll cover several things: first, who’s involved; second, what to wear; third, what to bring with you; fourth, how the meeting is conducted; and fifth, what […]
Rental Property in Bankruptcy
What Happens to Rental Property in Bankruptcy One of the most important concerns many of our clients have is how bankruptcy will impact their lease on an apartment of home. This concern arises in one of two scenarios: (1) the client-debtor has arrearages and is filing bankruptcy, at least in part, to avoid paying the […]
Buy A Home After Bankruptcy
When Can I Buy A Home After Bankruptcy and Foreclosure? I was speaking with a friend the other day who about a year ago short sold a home following a job loss and related struggles. She had a short-sale and wanted to know when she could buy a home after bankruptcy and foreclosure or a […]
My Property in Bankruptcy
One of most frequently asked questions I get asked is whether the debtor will lose all their property if they file for bankruptcy. It makes sense that so many people are confused as to how bankruptcy affects their property. After all, there are numerous sites on the internet that are written by the ill-informed or […]
Filing Bankruptcy In Utah – Do I qualify for Bankruptcy?
Filing Bankruptcy in Utah Do I qualify for Bankruptcy? The question is not whether you “qualify” for filing bankruptcy in Utah. Instead, the question is “Do I need to file for bankruptcy” or “Should I file for Bankruptcy”? Everyone qualifies for bankruptcy (Chapter 7, Chapter 11, Chapter 13, etc.), but not everyone needs to file. […]
Why Is Bankruptcy A Constitutional Principle?
Ever wondered why is bankruptcy a Constitutional Principle? The United States constitution has only 4,400 words. It is the oldest and shortest written Constitution of any major government in the world. Article 1, Section 8 of the constitution grants Congress the power “To establish…uniform Laws on the subject of Bankruptcies throughout the United States.” The […]
What Happens After You File Chapter 13?
Once a chapter 13 bankruptcy case is filed, the automatic stay prevents creditors from legally foreclosing, garnishing, repossessing or collecting against the debtor or any individual joint debtors. As part of the chapter 13 filing, the debtor proposes a chapter 13 plan (“Plan”) to reorganize their finances. The Plan will contain provisions to deal with […]
What Is a Section 341 Meeting of Creditors?
Many of our clients are initially somewhat concerned about the meeting of creditors. The meeting of creditors need not cause substantial concern. Frequently after the meeting our clients will comment that “it wasn’t as bad as I thought”.
Preventing Foreclsoure
Will Filing Bankruptcy Stop Foreclosure Your lender has started foreclosure. What should you do? What are your options? Will bankruptcy stop foreclosure? How can I bring my mortgage current? These are common questions facing those who find themselves in foreclosure. This article answers these questions and outlines some options.
Increases to Utah Bankruptcy Exemptions
Keep More Property in Bankruptcy The Utah legislature amended the Utah bankruptcy exemptions in 2013. Bankruptcy exemptions are the laws that protect property from liquidation in bankruptcy. Since Utah has opted out of the federal bankruptcy exemptions, the Utah amendments means that bankruptcy filers can now keep more property when filing in Utah. The new […]
Can I File Bankruptcy Without My Spouse?
Frequently clients need to file for bankruptcy, but want to do so without his or her spouse being affected. That raises the questions: Can a married person file bankruptcy alone? How is the non-filing spouse impacted when their spouse files bankruptcy alone?
Is Bankruptcy Dishonest or Unethical?
One of the most common concerns or misconceptions that clients express in one form or another is an insecurity that if they file bankruptcy that makes them somehow unethical or dishonest. While there may be a small minority of people who intentionally abuse the bankruptcy system, it is my overwhelming experience that people filing bankruptcy […]
What is Chapter 13 “Cram-down”?
Chapter 13 bankruptcy in Utah County is a consolidation of debt and a partial repayment over a period of three to five years, based on the debtor’s ability to pay. Sections 1322 and 506 of the bankruptcy code permits bankruptcy courts to reduce the balance or “cram-down” unsecured debt. This essentially converts property that is […]
What Are The Different Chapters of Bankruptcy?
Most people are unaware that there are four chapters of bankruptcy that a person can file. What are the different chapters of bankruptcy? We will provide an overview of the different chapters of bankruptcy. There are four primary chapters in bankruptcy–chapter 7, chapter 11, chapter 12, and chapter 13. Each chapter is designed to satisfy […]
Should I Sign A Reaffirmation Agreement?
Filing for bankruptcy can be a challenging and stressful process. One of the decisions you might face during a Chapter 7 bankruptcy is whether to sign a reaffirmation agreement. This agreement can have significant implications on your financial future. Here’s why you should carefully consider the consequences before signing. What is a Reaffirmation Agreement A […]
Will I Lose All My Property If I File Bankruptcy?
Naturally, one of the most frequently posed questions by our prospective Salt Lake bankruptcy clients is: Will I lose all of my property if I file for bankruptcy? The simple answer is a resounding NO!
What Should I expect in My Chapter 7 Bankruptcy?
So you’ve decided that you need to file a Utah chapter 7 bankruptcy and you’re wondering: What Should I Expect in my Chapter 7 Bankruptcy? Here’s an overview to answer that question. When Will I Go To Court? You won’t, unless something really unusual happens in your case. Most Utah chapter 7 bankruptcies never have […]