I get asked this question a lot. The answer is no, but we are entering the period of the year when bankruptcy filings cyclically slow down. This is because of the tax season. The best time of the year to file bankruptcy is right after you get your tax refund and then through June or so. After that, the bankruptcy trustee will start taking your next year's tax refund, if you get one. A great place to check how many Read More
What is a reaffirmation in bankruptcy?
REAFFIRMATIONS IN BANKRUPTCY In bankruptcy, you have some options regarding what you can do with secured debts. A secured debt is a debt you are paying to keep a house, car, four-wheeler etc. You may either reaffirm the debt (keep paying on the debt and keep the secured item), redeem (pay fair market value for the item secured by the debt), or surrender the item and get rid of the debt. In the reaffirmation process, Read More
Utah Homestead Exemption in Bankruptcy
Leverage the Homestead Exemption When Filing Bankruptcy to Maximize Your Benefits The Utah exemption for a homestead is $20,000 for each individual. If you file with a spouse you may claim $40,000 in your "primary personal residence." Utah Code §78B-5-503. Make sure your bankruptcy paperwork (Schedule C) lists this exemption specifically applying to your personal residence. "Primary personal residence" is defined as Read More
Divorce and Bankruptcy Salt Lake City Attorney
Bankruptcy's effect on divorce proceedings After the new bankruptcy code amendments in 2005, a spouse is liable to another spouse for any debt arising out of a separation agreement or divorce decree. During a divorce action, the debts are divided up "equitably" between the parties, but the parties to the divorce are still liable to the other if the debts are not paid according to the decree. This means you could stop Read More
Bankruptcy Lawyers in Sandy, UT
At Arnold, Wadsworth & Coggins, our bankruptcy lawyers will tell you that a Chapter 7 Bankruptcy does not involve any court protected repayment plan and will legally eliminate your unsecured dischargeable debt such as credit cards, medical bills, most judgments and garnishments, repossession debt, eviction or broken lease debt, some taxes, and past due utilities. The debt is eliminated through what is called a Read More
Bankruptcy Lawyers in Salt Lake City, UT
Utah Bankruptcy Lawyers Arnold, Wadsworth & Coggins Attorneys helps Utah citizens file Chapter 7 and Chapter 13 which are the two main chapters under which individuals can file personal bankruptcy in Utah. Chapter 7 bankruptcy is a liquidation of assets, while Chapter 13 bankruptcy is a reorganization where the debtor creates a three to five year payment plan in Utah Bankruptcy Courts. The primary reasons for Read More
New Bankruptcy Office Salt Lake City
We have moved our Salt Lake City bankruptcy office to 175 W 200 S, STE 3003, Salt Lake City, UT 84111. This attorney office will provide Chapter 7 and Chapter 13 bankruptcy relief services for the greater Salt Lake City area. Read More
Where do I Find the Utah Property Exemptions?
What is the purpose of Exemptions? Put simply, exemptions are what property you are allowed to keep from creditors no matter what (except for rare circumstances). If you are asking this question you have probably done some research already and know that each state has its own exemptions. These exemptions apply to creditors trying to enforce their judgments in and outside of bankruptcy. In other words, if you have Read More
What is the best time to file bankruptcy in Utah?
What is the best time to file bankruptcy? This is a great question. One factor to consider are whether you have an urgent situation that is imminent like a garnishment. Another, and often more severe factor to consider is your tax filing status. What you are trying to avoid here is the bankruptcy trustee taking your tax refund. Most people that qualify for a Chapter 7 will have a tax refund. How much of your tax Read More
What to do with marital debt after a divorce?
Marital Debt After your decree of divorce is signed by the judge and becomes final, what are your options in regards to the debt you are required to take care of? To answer this question you need to read your decree to see if any of your debt obligations are couched in a way that sounds like they are really alimony or child support. Such as, "in the form of alimony, the Petitioner shall be required to pay the Read More
