First thing to understand, a short sale is when a homeowner, through the approval of their bank or mortgage lender, sells their home for less than what they owe on the mortgage. Potential home buyers must make a short sale offer, and homeowners then communicate this offer to the bank by applying for short sale… Continue reading Bankruptcy versus short sale
Category: Utah Bankruptcy
Bankruptcy with two homes
A reader just asked can I file bankruptcy with two homes? Short answer is yes you can file bankruptcy with two homes. However it may or may not be in your best interest to do so. If you already have payments that are behind on the homes upon filing bankruptcy the court will place an… Continue reading Bankruptcy with two homes
Recent Utah Median Income Number For Bankruptcy
As of November 1, 2018, the Census Bureau Utah Median Income by Family Size have been updated — this happens every 6 months. The Median Income Levels for Utah are up. This is important because the Utah median income number is a determining factor in the type of bankruptcy someone can file. If your income… Continue reading Recent Utah Median Income Number For Bankruptcy
Are bankruptcy filings published in the newspaper
Are bankruptcy filings published in the newspaper? This question relates well to another one of our frequently asked questions: “are bankruptcy cases public record?” If you haven’t read the answer to that question yet, take a second to do so as it might help clear up some of your concerns about word getting around that… Continue reading Are bankruptcy filings published in the newspaper
Is there hope after bankruptcy
Recently I had an email from one of the first clients that bought my bankruptcy book: Life after bankruptcy: The Game Plan to Rebuild, Restore, and Renew Your Credit After Bankruptcy. I share just a part of his note: “Thank you. We appreciate your thoroughness in preparing us for the [bankruptcy] process and post process.… Continue reading Is there hope after bankruptcy
When bankruptcy makes sense
You know when bankruptcy makes sense to you when you won’t be able to be able to pay back your debt within 3-5 years. At this point it can be a good time to consider bankruptcy. This could happen because of a financial catastrophe. It might be due to medical issues or losing your… Continue reading When bankruptcy makes sense
Where to find bankruptcy filings online
In my recent blog post entitled “Are bankruptcy cases public record?”, I talk about the online database called PACER where all bankruptcy records are stored including those bankruptcy cases filed in Utah. However, in that blog post we also discuss the process required by PACER for someone to obtain those records: essentially you must… Continue reading Where to find bankruptcy filings online
How will bankruptcy affect your spouse
This is a great question, and an important one to consider whether you are filing bankruptcy individually or jointly with your spouse. Also depends on whether you are filing Chapter 7 bankruptcy or Chapter 13 bankruptcy. One of the most common questions a Utah bankruptcy attorney receives is: “How will filing bankruptcy affect your spouse?”… Continue reading How will bankruptcy affect your spouse
Bankruptcy with credit card debt
Can I file bankruptcy with credit card debt? The short answer to this question is YES. Credit card debt is one of the common reason that people file for bankruptcy. Once your case gets filed the credit card companies and their collection agencies can no longer harass you with phone calls and letters or something… Continue reading Bankruptcy with credit card debt
Which bankruptcy is best
So which bankruptcy is best? There really isn’t a right or wrong type of bankruptcy–it all just depends on your circumstances and what would work best for your specific situation. To give you a general idea of which bankruptcy is best you need to understand the different kinds of bankruptcy, here’s a quick summary of… Continue reading Which bankruptcy is best