Most people do not realize that there are actually five different types of bankruptcy. Most of time when someone hears the word “bankruptcy” they assume you are talking about Chapter 7 bankruptcy the one where you eliminate your debts and possible lose all your assets. The majority of bankruptcy cases filed are this kind of… Continue reading The bankruptcy where you pay back
What is the timeline for a Chapter 7 Bankruptcy in Utah?
Most of my clients have not previously filed for bankruptcy. One of the most common questions we get is about the general timeline and process for a typical Chapter 7 Bankruptcy. In general, Chapter 7 is the quickest bankruptcy to complete. The typical Chapter 7 case is completed within 90 to 180 days of the… Continue reading What is the timeline for a Chapter 7 Bankruptcy in Utah?
I know no one enjoys going to a stranger and telling all. However when you are considering filing for relief from your creditors its advised that you have a trusted advocate on your side. Finding an lawyer that you can trust that is near you is always helpful. At the Law Office of Douglas Barrett,… Continue reading What do I need to tell my attorney?
After more than 17 years at our old location we are excited to announce that we have moved. Our new office is easier to find with great parking. We are now in the heart of all the great new things happening in Orem just off the University Parkway. Our address is: Law Office of Douglas… Continue reading Utah Bankruptcy Guy – How to find our new office
This is a common phone call we get here at the office. Most of the time it is someone who is behind on their rent and facing a potential eviction. If this sounds like your situation you need to know that you may have options that will keep you in your home. The most obvious one is to catch up… Continue reading Can you prevent an eviction with a bankruptcy?
I have a lot of Utah clients ask me how they can get a copy of their credit report as they prepare to file bankruptcy. Federal law requires each of the three nationwide consumer credit reporting companies – Equifax, Experian and TransUnion – to give you a free credit report every 12 months if you ask for… Continue reading How to get a Free credit report
The following are situations in which someone might want to consider bankruptcy as an option when faced with litigation where: • the outcome is not likely to be favorable; • the cost of defense is crippling; • the possibility of a judgment in excess of the Chapter 13 debt limits; or • findings of fraud are likely.… Continue reading Why should I file a Preemptive Bankruptcy?
Douglas L. Barrett, for the tenth consecutive year, has been named as one of the “Legal Elite” lawyers in the State of Utah in a recent poll conducted by Utah Business, a state-wide publication. The announcement was made in the March 2015 Legal Resource Guild of the magazine. The “Legal Elite” represent those Utah lawyers who… Continue reading Press Release: 2015 Utah Legal Elite
To be eligible to be a Chapter 13 debtor, individuals must meet, among other things, the following two requirements: (i) they must have a regular income, and (ii) their debts must not exceed a certain amount. If the individual’s current monthly income is less than the applicable state median income, the plan will generally be… Continue reading WHAT IS CHAPTER 13 BANKRUPTCY?
Three Ways To Improve Your Credit Score After Bankruptcy
Good financial habits must be cultivated and maintained over time in order to raise your credit score after you file for bankruptcy. Here are three simple steps that can help you improve your credit rating. 1.Pay your debts early and religiously to make sure you are always in good standing. 2.Getting a secured, affordable loan and paying it back… Continue reading Three Ways To Improve Your Credit Score After Bankruptcy
In Utah when facing a debt crisis, the decision to use or not to use your retirement account to bail you out of the crisis is an important one. Too often we see prospective bankruptcy clients come into the office who have just recently cashed in their retirement accounts in an attempt help them survive their financial problems only to realize that… Continue reading Your Retierment Account in Bankruptcy
This is a common question here at the office: Is there a certain amount of debt that somebody needs to have before they can file a Utah bankruptcy. The answer is that there is no minimum amount of debt that is required to file for bankruptcy protection. Sometimes you can actually have too much debt to… Continue reading Can I have too much debt to file for bankruptcy?
More often than not divorce and financial difficulties go hand in hand. If you think about it this makes sense, because when two people who had previously been sharing at least some of their living expenses decide to part ways and establish separate households, each of them becomes responsible for paying for everything that they then… Continue reading Bankruptcy and Divorce
If I'm married do I have to file bankruptcy with my spouse?
No, the United States Bankruptcy code does not require married couples to file together. However, in most of the cases I see, both spouses usually choose to file together. But there are exceptions, such as recent newlyweds, sometimes only one spouse files thereby preserving the credit standing of the other, non-filing spouse. You do need to… Continue reading If I'm married do I have to file bankruptcy with my spouse?
I get this question all the time. “I need my car to get to work – will I lose it if I file for bankruptcy?” That’s a loaded question and hard to answer in 30 seconds. What you need to understand that every case is different but in most cases you can choose a type… Continue reading Will I lose my car if I file for bankruptcy?
Can I file for bankruptcy in Utah if I don’t have a job?
One of the most common reasons for filing for bankruptcy is when someone has lost of a job. The answer then is YES you can definitely file for bankruptcy if you don’t have a job but whether or not the bankruptcy will be successful will depend on which type of bankruptcy you file for. Chapter… Continue reading Can I file for bankruptcy in Utah if I don’t have a job?
Most creditors start debt collection efforts with a series of form letters, then they move onto phone calls, and then either a repossession occurs or the debt is referred to a collection agency or an attorney for suit. Most parties that collect debt on behalf of an original creditor are restricted by the Fair Debt… Continue reading Do I have any rights against a debt collector?
According to a recent report from the Institute for Financial Literacy, bankruptcy filings are on the rise among older Americans. In the past, most retirees who file bankruptcy have been driven into financial ruin by unmanageable medical bills. These days, however, its more likely to be credit card and other consumer debt. Credit card interest and… Continue reading Bankrupt and over 65?
Student loans are the most common way Utahans use to fund an education, specifically college and graduate school. They can also provide educational opportunities that you may otherwise not have been able to obtain due to the cost. Sadly in many of the Utah cases that I see college grads are left with a diploma and the crushing financial burden of both… Continue reading Student Loans and Bankruptcy
Having overwhelming medical debt is a leading factor that leads to people needing to file a bankruptcy in Utah. In the majority of cases I see this arises from the failure of the debtor to have medical insurance. Even if you have medical coverage it is possible to run up huge medical debts your insurance… Continue reading Can I File Bankruptcy For My Medical Bills?
These are three of the most common mistakes I see right before someone goes in bankruptcy court: 1. Making A Preference Payment If you owe on credit cards or medical debt and instead of paying that debt you pay on a past-due debt to family within 1 year of filing bankruptcy, that is a preference payment. The… Continue reading Three Common Utah Chapter 7 Bankruptcy Mistakes
A call came into the office today asking this question. So when does a bankruptcy case get finished? Unfortunately, a discharge of debt does not close a bankruptcy case. Before your case is closed, a Trustee must liquidate non-exempt assets to pay your creditors and see all other legal matters resolved. This process can… Continue reading When will my bankruptcy case be over?
All of us have our own threshold of tolerance of anything. That includes debt. So how much debt is enough and when it will be time to do something about it. Might I suggest that when you have a problem that is likely to get out of hand you should deal with it as soon as possible. At least… Continue reading When do you know it’s time to file bankruptcy?
If you are feeling trapped by debt and your income is below the median average for Utah, you may be able to file for a Utah Chapter 7 bankruptcy. This legal process will allow you to eliminate certain types of debt and get on with your life without the stress caused by years of accumulated debt. Should filing for… Continue reading How long does a chapter 7 bankruptcy last?
Have you ever had the question, “I wonder where the best bankruptcy lawyers are near me?” We hear that from a lot from folks in financial crisis searching for help. Having a huge amount of debt can be an overwhelming and frightening experience. If you lack sufficient income to pay your obligations you could very… Continue reading Bankruptcy Lawyers Near Me
Recently an attorney friend of mine commented that the sign at the hearing location we were attending had misspelled the word bankruptcy. Bankruptcy can be a hard word to spell. So I decided to start to keep a list of the many ways that I have seen the word misspelled on forms and emails sent to my office. Here… Continue reading Bankruptcy can be hard let us make it easy
Was your Utah Bankruptcy Case Prepared in India or Mexico?
The new trend in the world of bankruptcy is to outsource case and/or document preparation to workers in far away countries. Ask yourself is that how you want your Utah bankruptcy case prepared? Do you want your most personal financial information stored on computers located in Mexico, India, or China? Right now there is a lot of… Continue reading Was your Utah Bankruptcy Case Prepared in India or Mexico?
Today the National Consumer Law Center issues a press release that Tax Refunds for millions of taxpayers will be delayed until late-February. Due to new legislation the IRS will delay processing returns until February 15 and they have stated they do not anticipate refunds arriving in bank accounts or on prepaid cards until February 27.… Continue reading 2016 Tax Refunds Delayed for Millions
Here are 5 common myths that that I hear all the time from people that I consult with: Myth #1: You Can Declare Bankruptcy by Saying It in Public In an episode of The Office, when Michael Scott’s finances are tight, he screams, “I declare bankruptcy!” His accountant Oscar says, “Hey, I just want you… Continue reading 5 Common Bankruptcy Myths