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Making Sense of Utah Bankruptcy: Filing Bankruptcy with or without Your Spouse If the Debts are Only in Your Name

You can file bankruptcy in Utah without your spouse, but the question is whether that’s the best choice.   Here’s the sentence that we’re explaining today:

One spouse often owes all or most of the debts 1) in new marriages, or 2) where one spouse operated a business or 3) only one spouse had good credit; deciding whether only the spouse with debts should file bankruptcy requires making sure that the other spouse truly isn’t liable on the debts.

To be clear, a married person can file a bankruptcy case without his or her spouse. Whether or not he…

Making Sense of Utah Bankruptcy: Ex-Spouses and Choosing between Bankruptcy Types

Divorce situations in which the extra time and expense of a Utah  Chapter 13 Bankruptcy case makes sense.  Here’s the sentence that we’re explaining today:

If much of your financial problems come from debts owed your ex-spouse, then when deciding between Chapter 7 “straight bankruptcy” or Chapter 13 “adjustment of debts” the latter can help more if you either 1) are behind on child or spousal support or 2) owe a substantial amount of non-support debt to your ex-spouse. 

Debts Owed to Ex-Spouse To understand how Chapter 7 and 13 bankruptcy deal with debts from a divorce (or legal…

Making Sense of Bankruptcy: Can Filing a Chapter 11 Reorganization Save Your Utah Business?

Chapter 11 is a powerful way to address a business debt crisis, but you must understand the criteria for qualifying.   Here’s the sentence that we’re explaining today:

Chapter 11—unlike Chapter 7 and 13—is primarily designed for businesses, almost any business can file one, it can protect the business from its creditors and reduce its debt burden, but because of its expense and other detriments Chapter 11 is only appropriate in select situations.

Chapter 11 Reorganization Chapter 11 is the business “reorganization” option in the Bankruptcy Code. A business can use it to restructure its finances through a detailed plan…

Making Sense of Bankruptcy in Utah: Which Chapter Would Enable You to Continue Operating Your Business?

If you have a Utah business that you need to continue to operate, choosing the right form of bankruptcy involves risks and opportunities.   Here’s the sentence that we’re explaining today:

Chapter 7 and 13 are very different procedures if you are continuing to run your business, with Chapter 7 being potentially risky if your business or any of its assets is not “exempt”—protected from liquidation—but with Chapter 13 limited in that if your business is in the form of a corporation/LLC it can’t file a bankruptcy separate from you, so that this choice is a delicate one that …

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