Every year around tax season our clients ask us how bankruptcy will impact the tax refund they are expecting. Some of the questions posed include: Can I spend my tax refund before filing? Can I use my tax refund to pay for the costs of bankruptcy? Should I file bankruptcy before receiving my tax refund? These are all great questions and we will address them here. Read more
What To Expect at Your 341 Meeting in Utah
341 Meeting Instructions
Your section 341 meeting of creditors is approaching, so to help ensure a smooth meeting this video will provide you with instructions relating to that meeting. We’ll cover several things: first, who’s involved; second, what to wear; third, what to bring with you; fourth, how the meeting is conducted; and fifth, what happens after the meeting. So let’s get started.
One of the most important concerns many of our clients have is how bankruptcy will impact their lease on an apartment of home. This concern arises in one of two scenarios: (1) the client-debtor has arrearages and is filing bankruptcy, at least in part, to avoid paying the past-due rent and perhaps avoid immediate eviction; 0r (2) the client-debtor is current and wants stay in the property. We’ll address each scenario in this article. Read more
When Can I Buy A Home After Bankruptcy and Foreclosure?
I was speaking with a friend the other day who about a year ago short sold a home following a job loss and related struggles. She had a short-sale and wanted to know when she could buy a home after bankruptcy and foreclosure or a short sale. Her situation is very common. She short sold her home following a job loss and nearly two years of negotiations with her mortgage lender. During negotiations of the short sale the loan was transferred (which led to the first buyer walking away) and numerous lost documents by the lender. Read more
One of most frequently asked questions I get asked is whether the debtor will lose all their property if they file for bankruptcy. It makes sense that so many people are confused as to how bankruptcy affects their property. After all, there are numerous sites on the internet that are written by the ill-informed or worse by creditors who intentionally post inaccurate information to discourage struggling debtors from filing bankruptcy. It is possible that the debtor will be required to surrender some property. In my experience, however, most people who file for bankruptcy are NOT required to surrender ANY property. Those who are required to surrender some property generally are only required to surrender a very portion of their property.
Whether the surrender of any property is necessary depends
Ever wondered why is bankruptcy a Constitutional Principle? The United States constitution has only 4,400 words. It is the oldest and shortest written Constitution of any major government in the world. Article 1, Section 8 of the constitution grants Congress the power “To establish…uniform Laws on the subject of Bankruptcies throughout the United States.” The Preamble of the Constitution explains that the purpose of the Constitution is to “form a more perfect union, establish Justice, insure domestic Tranquility, provide for the common defence [sic], promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity…” Considering the paramount import and brevity of the Constitution, it begs the important question: Why did the framers consider bankruptcy a fundamental principle of our union? Read more
Once a chapter 13 bankruptcy case is filed, the automatic stay prevents creditors from legally foreclosing, garnishing, repossessing or collecting against the debtor or any individual joint debtors. As part of the chapter 13 filing, the debtor proposes a chapter 13 plan (“Plan”) to reorganize their finances. The Plan will contain provisions to deal with repaying secured debts, taxes and other priority debt. It will also propose a plan to bring leases or secured accounts like car loans and mortgages current, removing judgment liens, and restructuring interest rates and amounts due on secured loans. To ensure success of the Plan, the Debtor must comply with the Plan’s terms and remain current. Read more
Many of our clients are initially somewhat concerned about the meeting of creditors. The meeting of creditors need not cause substantial concern. Frequently after the meeting our clients will comment that “it wasn’t as bad as I thought”. Read more
Will Filing Bankruptcy Stop Foreclosure
Your lender has started foreclosure. What should you do? What are your options? Will bankruptcy stop foreclosure? How can I bring my mortgage current? These are common questions facing those who find themselves in foreclosure. This article answers these questions and outlines some options. Read more