Tag: #utahbkguy

Most people are waiting too long to file bankruptcy

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.

Bankruptcy in Retirement

Filing a Utah bankruptcy in retirement is a legitimate effort to rid oneself of oppressing debt that cannot be tackled on a fixed income. Being stuck with a lot of debt in retirement is challenging

Bankruptcy Planning

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.

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.

Alternatives to Filing Bankruptcy in Utah

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… Continue reading Alternatives to Filing Bankruptcy in Utah

Bankruptcy versus short sale

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… Continue reading Bankruptcy versus short sale

Bankruptcy with two homes

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… Continue reading Bankruptcy with two homes

Recent Utah Median Income Number For Bankruptcy

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… Continue reading Recent Utah Median Income Number For Bankruptcy

Are bankruptcy filings published in the newspaper

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… Continue reading Are bankruptcy filings published in the newspaper