You may have heard that filing for bankruptcy can help you eliminate your past tax debts – and this could be the case. But, don’t count on getting relief from all of your IRS obligations. In order to be dischargeable through bankruptcy, back taxes need to meet certain conditions. To learn whether your IRS debts […]
You can turn to either a bankruptcy attorney or a petition preparer if you need help filing for Chapter 7 or Chapter 13. But, be aware that the two types of professionals do not offer the same scope of services. To learn about how a bankruptcy attorney differs from a petition preparer – and why […]
If you file for Chapter 7, you don’t have to worry about the court taking all your assets and selling them off to pay your creditors. Utah bankruptcy exemptions protect at least some of your property. However, Chapter 7 bankruptcy filers must follow the state’s laws regarding exempt property. Utah Bankruptcy Homestead Exemption Do you […]
If you want to file for Chapter 7 bankruptcy in Utah, you must pass the means test. This step identifies debtors who have the financial ability – or the means — to pay off their creditors through a Chapter 13 repayment plan. Anyone who doesn’t pass the test does not qualify for Chapter 7. The […]
Bankruptcy credit counseling is one of the steps to filing for Chapter 7 or Chapter 13. The purpose of this course is to evaluate your financial situation and give you a chance to explore alternative options for managing your debts, such as working out a budget and repayment plan. Upon completion, you will be issued […]
You might not tell anyone at work that you’re filing for bankruptcy, but your employer could find out anyway. If that happens, is your job in jeopardy? The short answer is no – pursuing a bankruptcy claim cannot legally affect your current employment. However, depending upon your line of work, looking for a new job after […]
A few weeks after you file for bankruptcy, the court will set a date for the meeting of creditors. You must appear at this hearing, as section 341 of the U.S. Bankruptcy Code makes attendance mandatory. If you fail to show up, your case may be dismissed. The bankruptcy meeting of creditors, or 341 hearing, […]
Filing for Chapter 7 bankruptcy can help you get back on track when you’re unable to pay your monthly bills. But can it stop a car repossession? Yes – but only temporarily. Your auto loan lender can obtain court permission to repossess your vehicle at any point. And if you aren’t making timely payments or […]