Archive for February, 2014

Good Reason to Think About Filing Bankruptcy in Utah Now: Write Off More Income Taxes

If you owe income taxes, not only can you write off most older ones, you may have some control over which taxes you can write off.   Two Items of Very Good News First, bankruptcy can permanently write off (“discharge”) certain income taxes, generally ones that are older. Second, you may be able—through the help of an experienced and conscientious bankruptcy attorney—to increase how much tax you can discharge. Putting Bankruptcy Timing Laws to Work for You So much of bankruptcy law has to do with timing. This is particularly true in determining what income taxes can be discharged. That’s why…

Good Reason to Think About Filing Bankruptcy in Utah Now: Get Past Any Exposure to the “Presumptions of Fraud”

You probably haven’t committed any fraud that would prevent you from writing off your debts in bankruptcy, but what about “presumptions of fraud”?   Now that we’re into the new year, let’s look at the issue of “presumptions of fraud” and how to avoid being accused of  any through wise timing. Otherwise you could act completely honorably with all your creditors and yet be forced to pay one or more of your debts in bankruptcy. We explain here how to prevent this from happening. What is “Fraud” in Bankruptcy? A basic principle of bankruptcy law is that while honest debtors should…

Good Reason to Consider Bankruptcy in Utah Now: To Take Advantage of the Timing Twists of the “Means Test”

Waiting until just the right time to file a Chapter 7 bankruptcy can help avoid being bounced into a 3-to-5-year Chapter 13 case.   Timing is Everything When it comes to timing, there may be nothing in bankruptcy so picky about exactly when you file your case than the “means test.” The difference of waiting to file your Chapter 7 “straight bankruptcy” case by a single day could potentially make the difference between finishing a Chapter 7 case in 3 or 4 months without paying anything to your creditors, and being bumped into a 3-to-5-year Chapter 13 case in which you…

Good Reason to Think About Filing Bankruptcy in Utah Now: To Qualify for Vehicle Loan Cramdown

If you have a vehicle loan, waiting to file bankruptcy until after you’ve had it for at least two and a half years may save you thousands of dollars.

Timing is Everything

One of the countless reasons it is crucial for you to get legal advice from a good bankruptcy attorney is to take advantage of laws about the timing for filing your case.

One of the best examples of this is the vehicle loan cramdown law. If you qualify for cramdown, you can keep your vehicle while potentially paying hundreds of dollars less per month and thousands of dollars …

Good Reason to Think About Filing Bankruptcy in Utah Now: To Include 2013 Income Tax Debts

If you owe income taxes for 2013, filing a Chapter 13 “adjustment of debts” would enable you to pay that tax under very favorable terms.   Paying Taxes Under Chapter 13 Chapter 13 is a very good tool for dealing with debts, particularly unusual debts, the kind that can’t be simply discharged (legally written off) under Chapter 7 “straight bankruptcy.” It is a particularly handy tool for attacking income tax debts, particularly if you owe for more than one tax year or owe a substantial amount. Discharging Income Taxes Under Chapter 7 If the only taxes you owe are older ones,…