The waiting period on getting a loan after your bankruptcy can vary depending on a host of factors, but a big one is the type of bankruptcy you experienced. With a Chapter 7 bankruptcy, lenders typically wait two years after the date of discharge. As for Chapter 13 bankruptcy, you may be eligible for a VA loan just 12 months removed from the filing date.
Category: Utah Bankruptcy Guy
Bankruptcy dollar adjustments
The bankruptcy dollar adjustments are required to take place every three years pursuant to 11 U.S.C. §104. The new dollar amounts reflect an approximate, average 11% increase.
What happens to my crypto in bankruptcy?
Even though crypto isn’t directly mentioned in the current bankruptcy laws, bankruptcy laws still apply to crypto. Transferring any asset to hide it from creditors is still a fraudulent transfer. Liquidating crypto to pay one creditor to the detriment of the other creditors may still be a preference.
Can I Stop a Garnishment Once it Starts?
The quickest way to stop a garnishment is to just pay off the debt. However, most people cannot afford to do that, or they would have already done it before the garnishment happened. For most people the most effective way to stop the garnishment is to file bankruptcy
What Should I Do I Just Got A Wage Garnishment Notice?
You need to understand that when employer gets that wage garnishment order, by law they must begin withholding 25% of your take-home pay right away. The papers say there is a period of time before a response is due but that just means your employer has to keep the money collected until they get an order telling them where to send the money.
If You Ain’t Broke We Can’t Fix It!
Filing for bankruptcy isn’t the right decision for everyone. But for individuals who are worried about debt, who want to protect specific property, or who see no other way forward, it can be the best option to bring relief.
Tis the season…
All of the team at the Utah Bankruptcy Guy join together and wish you a very Merry Christmas and a Happy New Year!
What to know: Filing For Chapter 7 Bankruptcy?
In a nutshell you file a Chapter 7 case by submitting a petition in which you disclose all your assets, debts, income and expenses to the court. The documents are reviewed by a series of Trustee’s and at the end of the proceeding, the bankruptcy court issues an order of discharge, and you are no longer liable for applicable debts.
Utah Small Business Bankruptcy
Utah small business bankruptcy is considerably more complex than consumer (personal) bankruptcy. Be careful do not accept the “one-size-fits-all” approach most bankruptcy firms employ. Look for a law firm that will sit down with you discuss whether a Utah small business bankruptcy is your best option. Work with an attorney that is will to suggest non-bankruptcy options as well as bankruptcy option
Utah Bankruptcy Property Exemptions
The U.S Bankruptcy Code provides numerous exemptions that allow people filing bankruptcy to shield and keep the property they own. But some states do not use the federal law to protect property in bankruptcy they use the law of the state where the case if filed. These laws are called exemption laws.