file bankruptcy

In the year 2020, 544,463 people filed bankruptcy in the United States. That number may seem enormous,  but in reality, Bankruptcy filings in 2020 were the lowest they have been in thirty-five years. This may seem counterintuitive for the type of year 2020 was, but it makes sense when you think more about the government assistance that a lot of people received last year.

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talk about bankruptcy

Relationship money talks about finances should be happening often in serious relationships. They are especially important when you and your significant other are talking about joining your future together in a marriage. When you get married, your spouse’s financial situation can really affect you.

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bankruptcy and my husband

Sometimes filing bankruptcy individually isn’t necessarily the best option if you and your spouse share debts, and only one one of you files since debt collectors still have the ability to contact the non-filing spouse regarding debt payments. Filing jointly can be beneficial to your spouse in that situation, because it could protect them from debt collectors.

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chapter 13 bankruptcy

The most common method, used by a mortgage lender to collect on a past due home loan is to foreclose. A foreclosure is the forced sale of someone’s home in order to pay back the debt owed on the mortgage that was used to buy the home. If you have fallen behind on your mortgage payments there are ways to keep your home using the bankruptcy process.

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utah chapter 7

The Supreme Court has said that “[t]he principal purpose of the Bankruptcy Code is to grant a fresh start to the honest but unfortunate debtor.” The filing of a Chapter 7 bankruptcy puts a stop to most attacks on, and efforts to collect from the debtor. It is also the fastest, simplest and most common type of bankruptcy.

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no money left

Large corporations understand the benefits of bankruptcy and may utilize it to keep their company afloat. However, the average person doesn’t usually know that when they have no money left, bankruptcy is actually a safety net. The Utah Law Office of Douglas Barrett offers free personal bankruptcy consultations to discuss what strategies are best for you in your financial situation

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unmarried head of household

If you are not married but consider yourself the the head of a household how does that work in bankruptcy? As you may know in bankruptcy you must report your household income and household size. It can become complicated. The United States Bankruptcy Trustee typically uses the definition of the IRS to determine household status.

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file bankruptcy fast

As the saying goes “only a fool represents himself in court” might sound self-serving coming from an attorney but when you get weekly phone calls from people who filed their own bankruptcy but are in over their head and are seeking for help you might understand why we say this.

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bankruptcy or home foreclosure

When thinking “is bankruptcy better than foreclosure?”, at the end of the day you need to realize that while sometimes foreclosure might not affect your credit score as much, it still goes on your credit report, leaves you without your home and fails to settle all the other debt you might carry. Meanwhile bankruptcy affects all your debt not just the mortgage loan debt. Bankruptcy tends to be more global financial relief.

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set in stone

When I talk with a potential client I tell people the facts and point them in the direction that would be best for them financially based on their needs, wants and goals. Just because you talk with me does not mean that you need to file bankruptcy – nothing is written in stone.

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