Archive for July, 2014

Crucial Question: In a Chapter 7 Case, How Do You Keep Logan Utah Collateral That’s Not a Home or Vehicle?

Have your attorney first make sure that your creditor has a right to the collateral. If so, arrange to pay for the right to keep it.

Personal and Business Collateral

People thinking about filing bankruptcy are understandably most interested in what happens to their biggest kinds of collateral—their home and vehicle(s). So just as understandably, attorneys’ websites focus on those big ticket items.

But what about other kinds of collateral that you value: your furniture and appliances, personal electronics like your cell phone, your and your spouse’s wedding rings? These can be awfully important, too.

Or if you own a …

Crucial Question in Logan Utah: Can You Keep Your Vehicle WITHOUT Catching Up on Its Payments?

You can save your vehicle with Chapter 7 if you can quickly catch up. But if you can’t, consider Chapter 13.   Two Ways to Permanently Keep Your Vehicle In our last blog post we showed how to keep your vehicle if you are behind on your vehicle payments AND want to keep the vehicle, by filing a Chapter 7 “straight bankruptcy.” Today we show how Chapter 13 “adjustment of debts” provides a more flexible and powerful tool for accomplishing this. Making the Decision between Chapter 7 and 13 Like in the last blog post, consider these two questions:

1) Can …

Crucial Question: Can Bankruptcy Allow You to Keep Your Cache Valley Vehicle Even If Behind on Payments?

Yes. Bankruptcy can save your vehicle. There are two options, depending on the age of your contract and on how much help you need.   Two Ways to Permanently Keep Your Vehicle If you are behind on your vehicle payments AND want to keep the vehicle (take a look at our last post for reasons why you might not want to), Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” provide different tools to do so. Which is the better way to go largely depends on the answers to two questions:

1) Can you get current on the …

Crucial Question: Can Bankruptcy Stop My Logan Utah Vehicle from Being Repossessed Even If I Am Surrendering It?

After stopping a repo in its tracks, bankruptcy gives you some key advantages before letting your vehicle go.   If you are behind on your vehicle payments, AND recognize that you can no longer afford the vehicle, filing bankruptcy gives you the following advantages:
  • Instead of having your vehicle be repossessed at a time that may be incredibly inconvenient to you—from your employer’s parking lot or in front of a relative’s house, for example—you could surrender it at a time more convenient to you.
  • You would be able to keep your vehicle an extra month or so without paying anything more

Crucial Question: Why Would a Cache Valley Resident Even Consider a Chapter 13 Case When Chapter 7 Looks Good Enough?

Even if Chapter 13 takes much longer and seems to be more expensive, here are 5 more very good reasons to check it out.   In our last blog post we gave the first 5 of 10 good reasons for filing under Chapter 13, even when Chapter 7 appears to do enough to save your home. Here is the other 5—#6 through #10. #6: Pay Child Support and Get Lien Released: Chapter 7 does nothing to directly help you deal with back child support. It doesn’t even stop collection efforts against you. Your ex-spouse or support enforcement agency could enforce its…

Crucial Question for Cache Valley Residents: When Should You Consider a Chapter 13 Case Even if Chapter 7 Would Enable You to Save Your Home?

Chapter 13 has so many benefits—many directly helping to keep your house—that it’s worth finding out what it can do for you.   Why You’d Be Tempted to Not Even Think about Chapter 13 Chapter 7 “straight bankruptcy” usually takes no more than 3 to 4 months from filing to completion. Chapter 13 “adjustment of debts,” in contrast, usually takes 3 to 5 years. And usually costs significantly more. Why in the world would someone use Chapter 13, especially after determining that they can solve their home mortgage problem with a Chapter 7 case? 10 Good Reasons to Check Out

Crucial Question Often Asked By our Cache Valley Clients: Can You File a Chapter 7 “Straight Bankruptcy” If You Want to Keep Your Home But Are Behind on Mortgage Payments?

Chapter 7 may make sense if writing off your other debts will let you to catch up on your unpaid mortgage payments fast enough.   The Limited Help of Chapter 7 Chapter 7 does not directly help you with your mortgage if you are behind on payments. It protects your home from foreclosure for only a very short time. It may allow you to get rid of a judgment lien, but provides no direct help with income tax liens, back property taxes, child support liens, construction liens, or virtually any other kind of lien on your home. Chapter 7 helps you…

Crucial Question for Logan Utah Residents: How Quickly Will Bankruptcy Stop a Home Foreclosure?

Bankruptcy will stop a foreclosure very fast. But there are nevertheless very good reasons to not wait until the last day or the last week.     Stopping Creditors in General In the last blog post we made clear that you don’t necessary have to actually file your bankruptcy case before you can get certain kinds of relief from the actions of your creditors. Your attorney can often stop certain bad things from happening to you immediately, sometimes even during your first meeting with him or her. And the attorney may be able to prevent some creditor actions from occurring in ways…

Fraud Alert: Con artists are targeting Logan Utah — fake IRS agent calls and threatens jail

Some of our clients have received calls from fake IRS agents threatening to have them arrested if they don’t pay old IRS debts immediately.

  We received a troubling call from one of our bankruptcy clients.  They reported that a lady called them on the phone claiming to be an IRS agent.  She had what appeared to be insider knowledge about debts that this client at one time owed to the IRS.  She claimed that if the client didn’t pay immediately over the phone these debts that she would have our clients arrested.  Luckily, this client of ours had the…

Crucial Question: How Quickly Will the Creditors Stop Calling, Suing, Garnishing?

Two steps: 1) Hiring a Utah attorney stops collection calls and some other creditor actions. 2) Filing bankruptcy stops everything else.   You need relief from the financial pressure. The tense phone calls. A mailbox with nothing but bad news. Stress that weighs you down, hurts your relationships, and affects your physical and emotional health. How fast can you get relief? Step #1: Retaining an Attorney You may have heard that once you file a bankruptcy case, the force of law stops your creditors from calling you, sending threatening collection notices, suing you, getting a judgment against you, and such. True…