Consequences of Bankruptcy. Bankruptcy information on your credit report may make it very difficult to get additional credit shortly after the bankruptcy is discharged — at least until the information cycles off your credit report. It will be important to begin rebuilding your credit right away, making sure you pay all your bills on time. You’ll also want to be careful not to fall back into any negative habits that contributed to your debt problems in the first place.
Category: Chapter 7 Bankruptcy
Bankruptcy Discharge Papers
After you have gone through the process of filing for bankruptcy, attending your creditor meeting hearing, and followed all other instructions given to you by your attorney, the trustee, and the court, your case will eventually be discharged and will receive your bankruptcy discharge papers.
The Utah Homestead Exemption
The term “Utah bankruptcy exemptions” refers to assets that you get to keep when you file bankruptcy. In Utah, as a practical matter, most people keep all their assets when they file bankruptcy if they do a reasonable amount of legal pre-bankruptcy planning.
What are the Advantages of Filing Bankruptcy?
Some of these rumors have basis in fact others are overly exaggerated. Yes it is true that declaring bankruptcy can hurt your credit score for a period of time. It’s also true that a bankruptcy declaration is a matter of public record. However, critics of the bankruptcy process tend to overemphasize these negative points. If you’re struggling to repay your bills, none of your debt-fighting options are going to be easy or free from stress. It is true that there are a number of methods of debt relief that might help improve your financial situation over time, it important to always remember there’s no magic switch that you can flip to rebuild your credit.
Why bankruptcy is smart
Do you know why bankruptcy is smart? Some people think bankruptcy is the equivalent of failure, but sadly they are misinformed. Active measures in accordance with the law that alleviate undue burden is the opposite of passivity and unassociated with failure in every regard. Many lawyer from across the country would confirm that bankruptcy is… Continue reading Why bankruptcy is smart
Are bankruptcy fees tax deductible?
Are bankruptcy cost and fees considered tax deductible? When looking at that kind of tax deductions that are available when you are in bankruptcy you first need to understand that there are difference depending on the kind of bankruptcy case you filed be it Chapter 7 or Chapter 13.
Which bankruptcy to file
File Bankruptcy But Which One? Many people ask me which bankruptcy to file. As with many things in life, the answer really depends on your particular circumstances. Since there are actually several different kinds of bankruptcy it may be easy to eliminate a few of them since some are applicable to very specific parties, such… Continue reading Which bankruptcy to file
Book on Filing Bankruptcy in Utah
Press Release Orem (UT) for immediate release: Today the Fourth Edition of the book on filing bankruptcy in Utah was published. The Insiders Guide: Getting a Fresh Financial Start in Utah has been in print since 2005. The book, by Utah Bankruptcy lawyer Douglas Barrett, has help thousands determine if filing bankruptcy was their best… Continue reading Book on Filing Bankruptcy in Utah
Can I file bankruptcy with a leased car?
Can I file bankruptcy with a leased car? Yes, you can file bankruptcy with a leased car in Utah but if you are hoping to retain the vehicle, there are special requirements that your attorney will need to follow in order for you to keep the car. You can keep a vehicle in Chapter 7 Bankruptcy or… Continue reading Can I file bankruptcy with a leased car?
How bankruptcy affects your life
This topic is complex and difficult to answer concisely since many different aspects of your life can be impacted by filing for bankruptcy. Here are three ways bankruptcy affects your life. Sometimes people feel guilty or ashamed that they have gone bankrupt, particularly since society has developed a negative stigma around bankruptcy. However, like any… Continue reading How bankruptcy affects your life