When bankruptcy is a good idea is actually not dependent on the immediate financial difficulties of today. In order for the bankruptcy court to approve your case they will actually evaluate a snapshot of your finances for the past six months and also consider the foreseeable outlook for your situation in the months to come.
Category: Utah Chapter 7
Consequences of Bankruptcy
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.
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.
When declaring bankruptcy is a bad idea
There are times when the negatives simply outweigh the positives of filing for bankruptcy, and no matter how dire your debt may appear, bankruptcy will only exacerbate the problem and then bankruptcy is a bad idea.
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 eliminates all debt
If you’re hoping that bankruptcy is a quick way to have your debts discharged without having to pay another cent or lift a finger, you can be disappointed if you don’t know the facts. Which bankruptcy eliminates all debt? Well Chapter 7 bankruptcy, the most common type of consumer bankruptcy, is also called a ‘liquidation’… Continue reading Which bankruptcy eliminates all debt
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