Author Archive

Catching Up on Home Property Taxes in Northern Utah

If you’re behind on your home property taxes, Chapter 7 may well not buy you enough time to catch up. However, Chapter 13 likely would.

  Today we cover the 4th one of the 10 ways we listed recently that Chapter 13 helps you keep your Utah home. When we gave the list we wrote:

4. Get Current on Past Due Property Taxes

Filing a Chapter 7 case doesn’t protect you from property tax foreclosure—beyond the four months that a case lasts. However, Chapter 13 does protect you and your home while you gradually catch up on those taxes. …

Get Flexibility While Selling Your Home in Utah

If you’re behind on your mortgage and want to sell, Chapter 13 lets you delay the home sale for years and pay the arrearage out of the sale.

  In a recent blog post we listed 10 ways Chapter 13 helps you keep your home. Here’s the third one of those ways:

3. Much Greater Flexibility in Selling Home

If you want to sell your home while in the midst of a lot of financial pressure, Chapter 7 “straight bankruptcy” does not buy you much time. It protects you and your home from your mortgage lender for at most only about …

“Strip” Your Second Mortgage in Utah

“Stripping” off a second mortgage helps your cash flow, saves many thousands of dollars, and improves your home’s equity position.

  In a blog post last week we listed 10 ways Chapter 13 helps you keep your home. Here’s the second one of those:

2. Stripping Second or Third Mortgage

Under Chapter 7 you simply have to pay any second (and third) mortgages on your home or lose the home. However, Chapter 13 gives you the possibility of “stripping” that junior mortgage lien off your home’s title. This could potentially save you hundreds of dollars monthly. You could also end up …

Catching up on Your Utah Home Mortgage

Under a Chapter 13 payment plan you have much, much more time to catch up on both unpaid mortgage payments and property taxes.  

Last week we wrote a blog post that listed 10 ways Chapter 13 helps you keep your home. Here’s the first of those ways it can help:

1. Gives You More Time to Catch up on Unpaid Mortgage Payments

Chapter 7 usually gives you a very limited amount of time, usually a year at the most, to catch up on your mortgage loan. In contrast Chapter 13 often gives you years to catch up. This can greatly …

Financial Freedom in Northern Utah

This 4th of July make your move towards financial freedom. Get informed. You’ll feel so much better when you know your options.

We take this break from our ongoing series of blog posts on secured debts this 4th of July to talk about freedom from debt.

Your Life Today

If you’re reading this most likely you’ve got some rather serious financial problems. Most likely your debts are overwhelming you, worrying you all the time.

You’ve probably been trying to improve your situation for a long time, likely for years. It’s really affected your life. It hasn’t helped your…

Ten Ways to Save Your Utah Home through Chapter 13

These 10 tools provide huge relief with your first mortgage, second or third mortgage, property taxes, and other Utah home-related debts.
A few blog posts ago we said that while Chapter 7 “straight bankruptcy” strengthens your hand with your secured debts, Chapter 13 can be much stronger. One way that Chapter 13 is stronger is in enabling you to keep things you own which have a secured creditor’s lien on them. Indeed, that’s probably the most common reason for filing a Chapter 13 case—to keep your home, vehicle, and/or other possessions at risk of repossession.
Because Chapter 13 can help…

Prevent a Unsecured Debt from Turning into a Secured Debt

A creditor gains serious leverage against you when it converts unsecured debt into a secured one. Filing Chapter 13 blocks that effectively.

Our last blog post described ways that the “automatic stay”—your protection from creditors’ collection actions—is so much more powerful in a Chapter 13 “adjustment of debts” case than in a Chapter 7 “straight bankruptcy.”

One way that this Chapter 13 protection from creditors is better is simply that it lasts much, much longer than under Chapter 7. This benefit is also related to today’s topic, how Chapter 13 can permanently stop unsecured creditors from turning their debts into…

Handle Your Secured Debts in Utah through Chapter 13

Chapter 7 gives you advantages with secured debts. But Chapter 13 can be much better.  Starting with a much stronger “automatic stay.”

  The last blog post explained how filing a Chapter 7 “straight bankruptcy” can:

1) temporarily or permanently stop your secured creditors from taking your property in which they have a lien;

2) prevent creditors with an unsecured debts from turning it into secured debts;

3) help you keep the property which has a creditor’s lien; and

4) if you want, enable you to surrender the collateral to the creditor without owing anything more on the debt thereafter.

However,…

Use Chapter 7 to Get Power over Your Secured Debts

Through bankruptcy: stop repossession and foreclosure, unsecured debts turning into secured debts, keep or surrender collateral as you wish.

Our last blog post a couple days was about secured debts. We explained that for a debt to be legally secured against something you own the creditor must go through certain steps to accomplish that, or else it won’t be secured. We showed how you could contractually enter into a secured debt voluntarily. But our blog post also showed that a creditor can turn its unsecured debt into a secured one by suing you or using other means of involuntarily imposing…

Your Secured Debts

A creditor with a secured debt has a lien on something you own. That lien may or may not be voluntary; it may or may not actually exist.

  The last couple months we have been discussing your bankruptcy options with debts secured by your vehicle, by your home, and by investment or business real estate. You can have debts secured by many other kinds of security—furniture and appliances, other personal property you buy or else had owned beforehand, business equipment and inventory, personal possessions that are subject to an income tax or judgment lien. These are just some of…