Bankruptcy Help for Your Business and Investment Real Estate

Chapter 13 can help you temporarily or permanently hold onto the equity and income in your Utah business and investment real estate.

  If you own business and investment real estate, filing a Chapter 7 “straight bankruptcy” would likely result in you losing control of what happens to that real estate. In our last blog post we showed how filing a Chapter 13 “adjustment of debts” case could give you more control over that. Often you have more control over whether the property is sold or retained, whether undesirable real estate can be surrendered to its mortgage holder, and the…

Selling Commercial Utah Real Estate under Chapter 13

Chapter 13 can be an effective way to retain or dispense with commercial Utah real estate.

  Our last blog was about selling real estate that is not your home within a Chapter 13 “adjustment of debts” case. We showed how this would give you more control over the timing and other important circumstances of the sale than if you just surrendered the real estate through a Chapter 7 “straight bankruptcy.”

But Chapter 13 may provide other benefits to consider.

Some of those benefits are related to the real estate itself. We’ll cover those today and in our next blog post.…

Selling Utah Non-Home Real Estate under Chapter 13

Chapter 13 is often a better way to sell real estate, especially if it has some equity and you want more control over the sale.

  Our last blog was about letting go of real estate that is not your home through a Chapter 7 “straight bankruptcy.” We showed how you can escape debts related to the property. We also showed how you could possibly even have your “priority” debts paid by the Chapter 7 trustee out of any proceeds of the sale of that property.

But Chapter 7 provides limited help. It’s appropriate for certain scenarios, generally more straightforward ones.…

Surrendering Utah Real Estate Other than Your Home

Chapter 7 writes off your mortgage debt and likely some other debts against that real estate. It may pay your “priority” debts, too.  

If you own real estate that is NOT your home, and you’re considering bankruptcy, there’s a good chance that real estate is part of what’s dragging you down financially.

Maybe you made an investment that turned sour. Or the property is tied in somehow with a business that did not succeed. Or you may even have gotten the real estate by inheritance or divorce but it’s more of a burden than a benefit because of the debts…

Keeping Utah Real Estate Other Than Your Home

Whether you can keep your Utah real estate in bankruptcy depends first on whether it has any equity and whether that equity is “exempt.”                                        

Most people thinking about filing bankruptcy either don’t have any real estate or if they do it’s their home. But if you own real estate other than your home you’re really not that unusual. You may have property you bought as an investment or as part of operating a business. Or you may have received it in an inheritance or through divorce. You’re in financial trouble and need help, but if you go through bankruptcy you’d…

Child or Spousal Support Lien on Your Utah Home

If you are behind on your child or spousal support payments Chapter 7 provides very limited help, but Chapter 13 provides much more.

 

Child and Spousal Support—A Very Special Debt

If you are behind on child or spousal support then you owe a debt that is treated differently both outside and inside bankruptcy.

Before you file bankruptcy, your ex-spouse and support enforcement agencies have very aggressive tools they can use against you, your income, and your assets to try to make you catch up on unpaid support.

If you own a home, those tools include a lien that is very…

Resolving Statutory Liens on Your Utah Home

Bankruptcy does not remove contractor’s liens or other statutory liens from your home. But it can help you deal with them.

  A bankruptcy “discharge” legally and permanently wipes out your personal liability for most debts.

But it doesn’t automatically remove liens from your home. Each different type of lien is dealt with differently in bankruptcy, so it can certainly be confusing. The blog posts of the past three weeks have been about these difference, regarding liens securing first and second mortgages, property taxes, income taxes and judgments.

Today we’re talking about a category that does not get much attention on…

Remove a Judgment Lien from Your Utah Home

A judgment lien hurts you and your home. Being able to remove a judgment lien is an underappreciated benefit of bankruptcy.   Our last blog post was about preventing a creditor from getting a judgment against you, and from getting a judgment lien on your home. Today’s is about erasing a judgment lien from your home after it has already attached. It’s important: because of how much damage a judgment lien can cause, you can greatly help yourself by filing a bankruptcy case either to stop a judgment lien from attaching to your home or to erase one that has attached…

Preventing a Judgment Lien on Your Utah Home

One of the biggest dangers of allowing a creditor to get a judgment against you is that it likely results in a judgment lien on your home.  

  We just finished a series of 4 blog posts about income tax liens. The first one was about how much better things can be for you if you prevent a tax lien from being recorded against your home by filing a bankruptcy case before that happens.

It’s a similar situation with creditor judgments and the judgment liens they create against your home. You can prevent them from happening and can really help yourself…

A Tax Lien FULLY Secured by Home Equity

A tax lien fully secured by the equity in your home is trouble. Chapter 13 may be your safest option. 

  Today we finish a short series of blog posts on income tax liens recorded against your home. Last time we explained how to use Chapter 13 “adjustment of debts” to get the release of a tax lien when there is SOME equity in your home to secure the tax debt. The time before we got into what happens when there’s NO equity in your home to which the tax lien can attach. Today is about tax liens that secure the…