planning for bankruptcy

Because of abuses of the bankruptcy system in the past the current Bankruptcy Code is designed to penalize multiple bankruptcy filers. This multiple filing is called “serial filing” in the bankruptcy world. Individuals who are “serial filers” can lose important benefits in their bankruptcy – the most important of which is called the automatic stay – the act of stopping immediately a foreclosure, lawsuits or other collection activity.

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To all of you that we have worked with, here’s to a wonderful season filled with warmth and happiness. Clients like yourself are what makes our jobs possible.
Thank you!

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Bankruptcy who knows

So bankruptcy who knows? Obviously anyone you owe money to at the time you file will need to be notified. Creditors are notified since payments to them will likely be affected by the bankruptcy proceedings. However other than creditors and your attorney very few other will be notified of you case filing. Even though bankruptcy filings are a matter of public record, they are usually not publicized unless the individual filing is a public figure.

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Alternatives to Filing Bankruptcy in UtahBefore you decide if bankruptcy is right for your situation you should consider if there are alternatives to filing bankruptcy in Utah. Here are four alternatives to filing bankruptcy in Utah, however these alternatives are not for everyone: Do a Work Out with Your CreditorsThe first step with this alternative…

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First thing to understand, a short sale is when a homeowner, through the approval of their bank or mortgage lender, sells their home for less than what they owe on the mortgage. Potential home buyers must make a short sale offer, and homeowners then communicate this offer to the bank by applying for short sale…

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A reader just asked can I file bankruptcy with two homes?  Short answer is yes you can file bankruptcy with two homes.  However it may or may not be in your best interest to do so.  If you already have payments that are behind on the homes upon filing bankruptcy the court will place an…

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As of November 1, 2018, the Census Bureau Utah Median Income by Family Size have been updated — this happens every 6 months. The Median Income Levels for Utah are up.  This is important because the Utah median income number is a determining factor in the type of bankruptcy someone can file.  If your income…

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Are bankruptcy filings published in the newspaper? This question relates well to another one of our frequently asked questions: “are bankruptcy cases public record?” If you haven’t read the answer to that question yet, take a second to do so as it might help clear up some of your concerns about word getting around that…

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Recently I had an email from one of the first clients that bought my bankruptcy book: Life after bankruptcy: The Game Plan to Rebuild, Restore, and Renew Your Credit After Bankruptcy.  I share just a part of his note: “Thank you. We appreciate your thoroughness in preparing us for the [bankruptcy] process and post process.…

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This is a great question, and an important one to consider whether you are filing bankruptcy individually or jointly with your spouse.  Also depends on whether you are filing Chapter 7 bankruptcy or Chapter 13 bankruptcy. One of the most common questions a Utah bankruptcy attorney receives is: “How will filing bankruptcy affect your spouse?”…

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