Archive for September, 2014

October Tax Season in Logan Utah: Can Bankruptcy Get Rid of My Income Tax Debt?

Yes, if you our Utah clients meet certain conditions they CAN (and have) legally discharge—permanently write off—federal and state income taxes.   Taxes Are Different, But Not That Different If you have ever heard that income taxes can never be discharged in bankruptcy, that’s just plain wrong. Sure, unlike most other debts you have to meet some strict conditions. But once the tax you owe meets those conditions, the IRS and the state taxing authority are in the same boat as your credit card creditor—they can never ever pursue that debt again. So What Are Those Conditions? The conditions for…

October Tax Season: A Dozen Key Questions about Tax and Bankruptcy for our Logan Clients–Part 2

Q&As about tax refunds, whether and when to file late tax returns, joint tax debts with ex-spouses, getting rid of tax liens, and more for our Logan Utah clients.   Here is the second half of a dozen important questions and answers about how bankruptcy can help solve your tax debt problems. Today you get the short answers, but more thorough answers will come in our blog posts during the next several weeks until the October 15 extended tax filing deadline. There will be a full post on each question and answer. So please come back to our website for these.…

October Tax Season in Logan Utah: A Dozen Key Questions about Tax and Bankruptcy–Part 1

The October 15 extended tax filing deadline is now the new April 15 for many Cache Valley residents. If you owe and can’t pay, here are some solutions.   Here are the first half of a dozen of the most important questions and answers about how bankruptcy can help solve your tax debt problems. The answers here are short. More thorough answers will come in our blog posts during the next several weeks until the October 15 extended tax filing deadline. There will be a full post on each question and answer. Today you get the short answers, but please do…

Crucial Question for our Logan Clients: How Can I Protect a Non-Exempt Asset with a Chapter 13 “Adjustment of Debts”?

Our Logan Clients can protect their otherwise unprotected asset(s) by using  Chapter 13.   In our last few blog posts we discussed three ways that you can keep something you own in a Chapter 7 “straight bankruptcy” case that is not protected by a property exemption. Today we’ll cover a fourth and final way such assets could be handled, by keeping them through a Chapter 13 case. Asset-Saving through Chapter 13 Can Be Much Better Than Under Chapter 7 A Chapter 13 plan is often a tremendously good way to preserve something you own that is not protected by a property…

Crucial Question for Logan Utah Debtor’s: How Can I Use an Unprotected “Non-Exempt” Asset to My Benefit Even Under Chapter 7 “Straight Bankruptcy”?

In Utah, you can give your asset to the Chapter 7 trustee to pay a very special creditor. Either because you don’t need that asset or it’s your best option.

  In our last blog post we discussed two ways that you can keep something you own in a Chapter 7 “straight bankruptcy” case that is not protected by a property exemption: 1) by paying off your trustee or, 2) by letting the trustee abandon the asset either because it is worth too little to bother with it, or because it is too costly or too risky to liquidate. Today we’ll…

Crucial Question: How Can I Protect an Asset in Cache Valley that is Not “Exempt”?

Most people can file Chapter 7 and not lose anything because everything they own is “exempt.” But what if something of yours in Logan isn’t?   In our last blog post a couple days ago we explained why most of the time if you file a Chapter 7 “straight bankruptcy” you would be able to keep all of your assets. We talked about the purpose of property exemptions, a bit about their history, and how they generally work. But what if you have something that does not fit any of the property exemptions? Or far exceeds the allowed dollar amount in…

Crucial Question: Can I Keep Everything I Own If I Do a Chapter 7 Bankruptcy in Logan Utah?

Even though Utah Exemption laws are stricter than other states’,  most people who file bankruptcy under Chapter 7 do not have to surrender anything to their trustee because everything they own is “exempt.”   Generally, Yes, You Can Keep Everything Even though Chapter 7 is labeled the “liquidation” form of bankruptcy, most people who file under this simplest and most common form of bankruptcy keep everything they own. So most likely there would be no “liquidation”— you would not have to surrender anything to the bankruptcy trustee to have it sold and its proceeds paid to your creditors. How Can You

In Logan Utah, the DIY Capitol of the World, Do I Need an Attorney to File a “Simple” Chapter 7 Bankruptcy?

Warning to Logan Utah “Do it Yourselfers”: The federal court itself says it is “extremely difficult” to go through a Chapter 7 case successfully without an attorney.   The Chapter 7 “straight bankruptcy” procedure DOES seem much simpler than that of a Chapter 13 “adjustment of debts.” Most Chapter 7 cases are done within four months, while Chapter 13 cases take three to five years. Most Chapter 7 cases don’t involve a court hearing but only a “Meeting of Creditors,” whereas a Chapter 13 payment plan must be approved by a judge, usually at a court hearing, sometimes requiring than one…

Fall 2014 Legacy Journey Dave Ramsey Class Slated

This is the follow on to Financial Peace University.   7 Week course.  We will meet Friday’s from 2 to 3:30 at 95 West 100 South Suite 386 (conference room).  Come see what comes next.
  • Snares and Dares
  • The Pinnacle Point
  • The law of Great Gain.
  • The Road to Awesome
  • Safeguarding your Legacy
  • Generational Legacy
  • Called to GenerosityFree previews available at the sign up site.
[button link=”http://www.daveramsey.com/fpu/locations/org/32179/class/264415//” size=”medium” textColor=”#fff” align=”center”]Sign Up Here[/button]…

Fall 2014 Financial Peace University Class Slated

We have a new Dave Ramsey Financial Peace University Class slated to begin 19 September 2014 at 4:00 p.m.   A  9 week course held once a week for an hour an a half.  The class will be held at our office conference room.  The address is 95 West 100 South, Suite 386.  It is the Century Square office building behind Ellen Eccles Theater and across the intersection from Logan High School.  We don’t charge anything for the class.  To attend you simply need to purchase the materials from Dave Ramsey for between $100 and $150 ($93 if you hurry).   The…