What Happens If I don’t List a Creditor?
In an ideal bankruptcy case, all the creditors are listed thereby maximizing the debts that are discharged. But, oftentimes the debtor hasn’t received a bill from a hospital or other creditor and the debt is not being reported to a credit bureau, so the debtor is unaware. Will the debt be discharged or will the […]
Utah Bankruptcy Exemptions
Importance of Utah Bankruptcy Exemptions When you file bankruptcy under Utah bankruptcy laws, you want to ensure that you keep all or as many of your assets as possible. Utah bankruptcy exemptions protect certain property that cannot be taken in bankruptcy. The assets that you get to keep under are called exempt property. Non-exempt assets are […]
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 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”.
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 […]
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 […]
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!
Dealing with Mortgage or Home Foreclosure
Are You Dealing With a Mortgage or Home Foreclosure? I have just received noticed that my lender is beginning foreclosure of my home. What should I do? What are my options? In the current economic downturn and foreclosure crises, the preceding scenario is all too common. Realize that if you find yourself in this situation […]
