bankruptcy q & a

The idea that Shakespeare is illustrating in Hamlet relates very closely to the modern day concept of being a cosigner to someone else debt. Ever wonder what happens if the guy you cosigned with filed bankruptcy? How does cosigners and bankruptcy work? Let the Utah Bankruptcy Guy explain:

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wait to long to file

Bankruptcy should not be the last resort when nothing is left to your name. If you put it off too long you might find yourself in a hole you’re unable to afford to dig yourself out of without time and serious self-discipline. Many of my clients here in Utah are surprised to learn that many of things they lost, just before they choose to file bankruptcy, could actually have been saved if we had talked just a bit sooner. Don’t let this be you.

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Just because you say you are bankrupt does not make it so.  There is the famous episode of The Office where the lead character Michael Scott “declared” bankruptcy to everyone within earshot and thought he was done – not because he just said the word bankruptcy but because he “declared it”.  Just because you say…

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If your business is organized as a corporation or a limited liability company (LLC), your personal assets are usually protected from business creditors –unless you specifically gave up your so-called “limited liability” protection. Unfortunately, you may have done so if the bank or other creditor required a personal guarantee and/or personal security before loaning you…

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