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.
Category: Utah Chapter 7
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.
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
When bankruptcy is not good
When you are trying to decide when bankruptcy is not good – it can really help to find a reputable attorney who wants to help you explore your options. At the Utah Bankruptcy Guy our Attorney Douglas Barret has 20+ years of experience dealing with these issues.
Chapter 7 or Chapter 13?
Should you consider a Utah Chapter 7 bankruptcy? Absolutely! There is a reason that Chapter 7 bankruptcy is the most common type of bankruptcy….
Which Bankruptcy is Reorganization
One of the great benefits of this kind of bankruptcy is reorganization which can help you avoid losing your home to a foreclosure especially if you are behind on your mortgage payments. You can come up with an affordable repayment plan to keep your home even if your lender is unwilling to work with you.
Did A Lot of People File Bankruptcy Last Year?
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.
Will bankruptcy affect 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.