Category: #utahbkguy

7 Utah Bankruptcy Myths

Learn the facts from the Utah Bankruptcy Guy and avoid the myths out there about bankruptcy.  During the past year, the team here at the office keep t a list of the most common misconceptions floating around Utah about bankruptcy.  In no particular order here we go:

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. 

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.

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. 

Will filing bankruptcy affect my immigration status

So good news, filing bankruptcy will not affect immigration status, green card or the ability to apply for US Citizenship. The only way it could possibly affect these processes, is if it is found later that you had lied in your bankruptcy case under oath, or left out information in the bankruptcy petition,

Bankruptcy and Benjamin Franklin

We can learn a lot from Franklin’s perspective. Unhealthy spending habits, lack of discipline and debt can be very cancerous to our lives. So what else has he said on this topic? A well-known quote of his is as follows: “For age and want, save while you may. No morning sun lasts the whole day.”