#Chapter 7 Bankruptcy Attorney Utah

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Sole Proprietor Business For Chapter 7 Bankruptcy

Can a sole proprietor business file for chapter 7 bankruptcy?

Yes, a sole proprietor business can file for Chapter 7 bankruptcy. This type of bankruptcy is also known as a "liquidation" because it involves selling the debtor's assets to pay off creditors. Here is some more information about Chapter 7 bankruptcy for sole proprietor businesses:

Eligibility

In order to be eligible for Chapter 7 bankruptcy, the sole proprietor business must pass a "means test." This test looks at the business's income and expenses to determine whether it can afford to pay off its debts through a Chapter 13 repayment plan. If the business cannot afford a repayment plan, it may be eligible for Chapter 7 bankruptcy.

Process

The process for a sole proprietor business to file for Chapter 7 bankruptcy is similar to the process for an individual to file for bankruptcy. The business owner must gather financial information, complete bankruptcy forms, and attend a meeting with the bankruptcy trustee. The trustee will review the business's assets and debts and may sell some of the assets to pay off the creditors.

Impact on the Business

Filing for Chapter 7 bankruptcy can have significant consequences for a sole proprietor business. The business will likely have to close, and the owner may lose all of their business assets. In addition, the business owner's personal assets may be at risk, depending on the state in which they live.

Overall, Chapter 7 bankruptcy can be a difficult but necessary decision for a sole proprietor business that is unable to pay off its debts. It is important to consult with a bankruptcy attorney to understand this type of bankruptcy's potential risks and benefits.

Bankruptcy Attorney Free Consultation

If you are looking for a legal advice about bankruptcy law or in need an attorney, call this law firm for free consultation. We have the Best Attorneys in Utah.

Ascent Law LLC

8833 S Redwood Road Suite C

West Jordan UT 84088

(801) 676-5506

https://www.ascentlawfirm.com

http://dailypersonalinjurylawyerutah.com/sole-proprietor-business-for-chapter-7-bankruptcy/

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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SafeMoon Files for Liquidation Bankruptcy as Execs Face DoJ Charges

The filing comes just weeks after it was reported that SafeMoon executives were at the centre of a Department of Justice (DoJ) securities fraud investigation. Crypto firm SafeMoon on Thursday, December 14,  filed for Chapter 7 bankruptcy, also known as liquidation bankruptcy. The filing was done by attorney Mark Rose in the United States Bankruptcy Court for the District of Utah. This comes as…

[thenewsart]

SafeMoon seeks bankruptcy amid arrests and SEC allegations

DeFi protocol SafeMoon has applied for Chapter 7 bankruptcy protection following allegations of fraud by the U.S. securities authority. On Dec. 14, SafeMoon filed for Chapter 7 bankruptcy, commonly called “liquidation bankruptcy,” with the United States Bankruptcy Court in the District of Utah. The petition, filed voluntarily by attorney Mark Rose, has Chief Judge Joel T. Marker overseeing the…

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Utah Bankruptcy Lawyers

Utah Bankruptcy Lawyers

A bankruptcy filing can be legally complicated, as well as time-intensive. In many cases, your first big decision and major time commitment will be finding a bankruptcy lawyer. While you may already have an attorney from your business, estate planning, or family matters, they might not be experienced in bankruptcy. More often, you will have to find an attorney from scratch. This can be well worth the effort because lawyers who practice exclusively in bankruptcy tends to do it quickly and cheaply.

Using a Bankruptcy Attorney

It may feel counterintuitive to pay attorney’s fees for help with your financial crisis. But professional assistance can mean the difference between a setback and a total loss when you have serious debt issues. You can have a free consultation with most bankruptcy attorneys to explain your situation and see if your personalities are a good fit. There is no legal obligation to have an attorney when you go into bankruptcy. However, bankruptcy law is a complicated and ever-changing system. Having knowledgeable assistance is a practical necessity.

An experienced bankruptcy attorney can help you: • Preserve valuable assets and explain your state-specific exemptions • Possibly avoid bankruptcy altogether • Reduce future negative outcomes and impacts of a bankruptcy action • Avoid pitfalls and common mistakes • Exercise your rights when applicable • Create a fair payment plan for debt • Explain options for informal debt relief actions • Communicate with your creditors • Establish a debt “workout” agreement • File paperwork for Chapter 7 and Chapter 13 bankruptcy processes • Ensure you pay the correct filing fees • Discuss foreclosure and future credit report options • Tell you what to expect in bankruptcy court and bankruptcy trustee appointments • Discuss buying a home after bankruptcy • Pursue your legal rights and protect your interests zealously

Having a bankruptcy attorney is increasingly important. In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act. Among other changes, this law modified existing bankruptcy procedures. It shifted responsibility for providing documentation and proving your inability to pay debts to the bankruptcy debtor (you).

Choosing Your Attorney

You will want to meet with any attorney you consider hiring to see if you and the attorney can work together in general. You will really be interviewing the attorney just like you would interview a job applicant. Some bankruptcy attorneys run their offices like an assembly line, which is not necessarily bad. It means they won’t be wasting your time either. You need to decide whether the style of any given attorney is one with which you can work. Select the attorney with experience and an approach that fits well with you.

Questions Your Lawyer Will Ask About Bankruptcy

To do the best possible job on your behalf, your attorney needs your input and cooperation. At your first meeting with your attorney, you should be prepared to provide the following information and answer important questions. If you are filing with a spouse, be ready to share their information as well.

General Questions

• Will this be a joint bankruptcy petition? • What county do you live in? • How long have you lived at this address? • List previous addresses in the last two years • What is your Social Security number? • List all banks with which you have an account, and indicate whether they are checking or savings and the approximate balance • List all credit cards you have and the approximate balance • Do you have any shared bank accounts? • Have you had a safe deposit box in the last two years? (If yes, note the location and the contents of the safe deposit box) • Are you holding valuable property that belongs to another person? • Have you had a prior bankruptcy? (provide the case number, date filed, debts dismissed, and outcome) • Is any of your property in the hands of a receiver, trustee, or another liquidating agent? • Are you suing anyone right now? • Have you been involved in a workers’ compensation or personal injury lawsuit where you expect to recover money? • Have you had any repossessions in your past history? • Have you suffered any losses by fire, theft, or gambling during the last year? Family Questions • Are you single, married, or divorced? How long (if married or divorced)? • Have you used any other name(s) in the last six years? • What are the names and ages of minor children living with you? • What amount of child support or spousal support (alimony) do you pay? Debt Questions • Do you owe any money to the Internal Revenue Service? Which tax years? • Do you owe any money to state tax authorities? • Do you have any unpaid student loans? • Do you anticipate a substantial change in your expenses in the immediate future? • List the years in which your debt was incurred • Provide estimates for all monthly expenses: • Rent, mortgage, and real estate taxes • Electric, gas, trash, and water • Home maintenance • Life insurance and health insurance • Phone, cable, and internet bills • Auto insurance, gas, or car expenses • Homeowner/renter insurance • Food • Medical bills or items • Entertainment • Education • Clothing budget and laundry • Childcare Employment Questions • Who is your current employer? • How long have you been at your current job? • How often are you paid? • What is your income per pay period (gross and net income)? • Have you received income from any other source than your job last year (for instance, Social Security, child support, workers’ compensation, etc.)? • What amount of income have you made at your job in the past two years? • If you have more than one job, list year-to-date and two-years prior income information. • What amount of income have you received from other sources in the last two years? • Will you be eligible for a tax refund this year? How much? Business Questions • Have you been in a partnership with anyone during the last six years? • Have you been an officer in a corporation within the last six years? (If yes, give the name of the business and/or corporation, dates of operation, nature of business/corporation, and your approximate yearly income from the business.) • Have you given away, sold, or transferred any valuable item (over $1,000) in the last year? (If yes, state the nature of the sale or transfer, what was transferred, the price, and when it occurred.)

Documents Your Bankruptcy Attorney Needs

Once you hire an attorney to assist with your bankruptcy case, it is important to provide the information they need to best advice and represent you. Although every person’s financial life is different, some basic documents are virtually always helpful in better understanding your financial position.

Examples of important documents include, but are not limited to: • Bank statements • Your most recent bill from each creditor • A record of your most recent payments on cars, real estate, and student loans • Bills or invoices for purchases in the past year • Files from previous litigation, including judgments • Files from previous attorneys • Divorce decrees, child support orders, and information about other financial obligations • Canceled checks for any undocumented expenses • Mail or email correspondence with creditors • Insurance policies • Tax returns for the past three years • Vehicle titles • Lease or mortgage documents • Promissory notes • Proof of any other debts you owe or money owed to you

Bankruptcy cases can involve multiple people and creditors and take years of litigation. It can be a personal comfort to have someone who understands the system and is on your side.

Benefits of Hiring a Bankruptcy Lawyer

1. Hiring a lawyer increases your chances of successfully eliminating debt. In the case of Chapter 13 Bankruptcy, debtors represented by a lawyer are more than ten times more likely to reach a successful outcome than individuals representing themselves. 2. A lawyer can help you decide if bankruptcy is the right option for you. It is essential to evaluate and understand all of the options available to you when you are facing overwhelming debt. While it may seem like bankruptcy is your only choice, a lawyer may have a better solution for managing your debt without declaring bankruptcy. 3. You don’t know which bankruptcy option is best for your situation. An experienced bankruptcy lawyer will review your financial situation and explain your bankruptcy options. In Wisconsin, the two most common types of personal bankruptcy are a Chapter 7 Bankruptcy and a Chapter 13 Bankruptcy. Your state lawyers can help you identify which type best fits your current situation and guide you through the entire process. 4. A bankruptcy lawyer will help eliminate all eligible debts. A bankruptcy lawyer will know which debts can be discharged and the best type of bankruptcy to use to discharge your debt. For example, a lawyer can identify and eliminate debts beyond the statute of limitations for collections. You will also save money by fully discharging your obligations and not having lingering debts after completing your bankruptcy. 5. Experience is crucial to success. Do you know the Utah Bankruptcy Code? Do you know Utah District Courts’ bankruptcy laws? Do you know what property is exempt from bankruptcy? Filing for bankruptcy requires knowledge of the federal code and local case law. An experienced bankruptcy lawyer has worked on hundreds of cases and understands the intricate details of the process. A bankruptcy lawyer will be familiar with current laws, courtroom procedures, the bankruptcy filing process, and filing timeframes. 6. Hiring a lawyer saves you time. Hiring a lawyer saves you countless hours, as you no longer have to spend your time researching and reviewing bankruptcy information. In some cases, a lawyer can identify shortcuts and smooth out the scheduling process. A bankruptcy lawyer in your area will guide you through the complicated procedures and keep you informed at every stage. 7. You don’t have to handle the paperwork. Filing for bankruptcy requires accurate, detailed, and timely paperwork. It is crucial to have precise information and sufficient supporting documentation. While much of the information will come from you, a lawyer can help you complete the paperwork and provide legal advice on your disclosures, valuing assets, income, and expenses. 8. Lawyers have an established relationship with the bankruptcy court, judges, and trustees. A bankruptcy lawyer has gone through this before; they are familiar with bankruptcy courtroom etiquette. Lawyers have already built relationships with the people involved in the process, making communication easier for you. When the trustee asks for additional information or details, your bankruptcy lawyer will be prepared. 9. You get protection from harassment by creditors and collection agencies. Once you hire a bankruptcy lawyer, harassing phone calls from creditors will stop. Once a lawyer represents you, you can inform creditors or debt collectors and force their phone calls and letters to go through your lawyer instead. After you officially file, an automatic stay will be granted, which legally extends your harassment relief. 10. Lawyers offer you peace of mind and protection from uncertainty. Peace of mind goes a long way. You won’t have to worry about mistakes, losing your assets, or preparing for a court appearance. Your bankruptcy lawyer will advise you on what will happen ahead of time, complete your paperwork correctly, and sit by your side in creditor meetings or court. It is your lawyer’s responsibility to fight for the best outcome for you and protect your rights.

Risks of Filing Bankruptcy without a Bankruptcy Lawyer

One little mistake could cost you everything. If you file incorrectly or the filing is incomplete, the bankruptcy judge could throw out your case. If that happens, you may not be able to refile for any type of bankruptcy in the near future or if you can refile, you may lose protection from creditors taking action against you. Incorrectly listing assets could cost you not only your debt being discharged, but you could lose the possessions you sought to protect.

Bankruptcy lawyers know how to protect your assets and successfully lead you through the process.

Mistakes could mean criminal charges for fraud or perjury. Committing fraud in a bankruptcy case can land you in jail. You cannot hide assets or income from the bankruptcy trustee or judge (even those that you haven’t received yet). Do you know the law well enough to avoid this serious situation? Did you sign over a vehicle, deed property, gift money, or other assets to a friend or relative? A bankruptcy lawyer will help you file your petition and truthfully list your assets in a way that protects you from criminal charges. You may end up paying more of your debt. When communications between the bankruptcy trustee and your creditors occur, can you respond without negatively impacting your bankruptcy discharge? If a creditor files a lawsuit or contests your discharge of debt – how will you respond? A bankruptcy lawyer can protect your interests, effectively communicate with all parties involved, and save you money in negotiating with creditors.

Free Initial Consultation with Lawyer

It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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Utah Bankruptcy

Utah Bankruptcy Attorney

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Utah Bankruptcy

Utah Bankruptcy

What is Bankruptcy?

Bankruptcy is a legal way to get rid of most of your current debt, stop harassment from creditors, and start fresh. It is a federal court process by which you can discharge some of your debt because you are unable to repay those debts. There are usually two ways bankruptcy is declared:

 You file for bankruptcy  Your creditors ask the court to declare you bankrupt

Bankruptcy usually takes two forms: Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy, otherwise known as “straight bankruptcy” or “liquidation,” allows the debtor to sell their non-exempt assets to pay off their debts; after that, the debtor will be free from all dischargeable debts.

There are specific eligibility requirements that you must meet to qualify for Chapter 7 bankruptcy. Some of the scenarios where you wouldn’t be eligible for Chapter 7 include when:

 Your income is too high (this is determined using the “means test”): In such cases, your case may be filed under chapter 13 bankruptcy  You have the ability to repay your debt  You dismissed a bankruptcy case within the past 180 days  You previously filed for bankruptcy and the time frame to file another bankruptcy case has not passed  You attempted to defraud creditors

Under Chapters 7, 11, 12, and 13 of the U.S. Bankruptcy Code, some or all of your existing debt can be discharged. A “discharge” means you are not personally liable for the money and do not need to pay it back. The creditor you owe, such as a hospital or credit card company, cannot call you or take collection actions against you once the debt is permanently discharged.

Note: Most people will file a Chapter 7 bankruptcy to remove credit card debt and seek debt relief. Some debts may have a bankruptcy discharge but you might have to keep personal liability for other debts.

Debt Discharge Comes After Selling Off Assets

Chapter 7 bankruptcy often involves the liquidation (or selling off) of assets in order to pay past debts. Only after this process is completed can you have qualifying debts discharged. Some property is protected from liquidation by federal or state bankruptcy exemptions. In fact, many people who file for Chapter 7 can keep a majority of their property. It will be up to your attorney and bankruptcy trustee to decide what you can keep, what deals you can make with the creditor, and what you need to give up in your bankruptcy case.

Once assets are liquidated, the courts tend to discharge debts right away. In the whole Chapter 7 bankruptcy process, this happens about four months after you first file in bankruptcy court. Keep in mind you need to complete educational classes on debt management in between filing and receiving the discharge, or the judge may dent your debt discharge.

What Happens After a Chapter 7 Bankruptcy?

Those who pursue a Chapter 7 bankruptcy should be aware of some potential problems or concerns. Many forms of debt cannot be discharged under Chapter 7 bankruptcy, including:

 Government-funded student loans  Some forms of tax debt  Federal tax liens  Child support  Alimony or spousal support  Debts for personal injury or death arising from a motor vehicle accident  Fines and penalties for violating the law  Certain tax-advantaged retirement plans  Cooperative housing fees

Potential applicants for Chapter 7 bankruptcy should be aware that even private student loans are rarely discharged without a special showing of undue hardship. This can be hard to prove but can happen if you become permanently disabled and cannot work.

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Research About Chapter 7 Bankruptcy

Where is a good place to start my research into chapter 7 bankruptcy?

There are many things you can do to get started. First, find out if your state has any special requirements for how the petition must be filed: some states have specific forms that must be used and others require special filing fees. You can also look for an attorney who specializes in bankruptcy law, and contact them for help.

Research The Type Of Information You Need

You can also do research to figure out the type of information you need. What is the nature of your research questions? What is already known about it? The answers to these questions will help you identify exactly which resources are relevant. For example, if you know that the best resource for your topic would be a law review article, then search for it specifically.

As with any research, start broadly and refine your search as needed. It is important that you gather enough information from a variety of sources so that you can make an informed decision about chapter 7 bankruptcy. Researching information on the internet is one way to start looking at what chapter 7 bankruptcy entails. If you're not sure where to begin, try searching for general terms like "bankruptcy" or "chapter 7."

Make sure that all of the information you receive is up-to-date, since laws change as time progresses, and choose one that seems reputable or has been recommended by someone who has used it before.

Chapter 7 Bankruptcy Attorney Free Consultation

If you have any questions or in need a Chapter 7 Bankruptcy Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

Ascent Law LLC

8833 S Redwood Road Suite C

West Jordan UT 84088

(801) 676-5506

https://g.page/AscentLaw

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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SafeMoon Files for Liquidation Bankruptcy as Execs Face DoJ Charges

The filing comes just weeks after it was reported that Moonpay executives were at the centre of a Department of Justice (DoJ) securities fraud investigation. Crypto firm SafeMoon on Thursday, December 14,  filed for Chapter 7 bankruptcy, also known as liquidation bankruptcy. The filing was done by attorney Mark Rose in the United States Bankruptcy Court for the District of Utah. This comes as…

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Utah Bankruptcy Attorney

Utah Bankruptcy Attorney

Bankruptcy is a complex procedure that requires you to make a host of critical decisions from before the time you file straight through to the time your debts are discharged and the bankruptcy procedure concludes. An experienced bankruptcy attorney can guide you through the dizzying maze of decisions, paperwork and procedure that marks a bankruptcy filing, whether it is a chapter 7 or chapter 13. At the outset, a bankruptcy attorney is there to counsel you on the bankruptcy process and whether it is right for you. They serve to help you take a critical look at your debts and assets and determine if bankruptcy is the path that will best help you or if a smarter approach is to attempt to improve your circumstances from a different angle. For instance, the bulk of your debts may be ones ineligible for bankruptcy protection, such as student loans, and an attorney can help you weigh whether you would truly benefit from bankruptcy.

If bankruptcy does appear to be the right solution for you, an attorney then can help you compare the chapter 7 and chapter 13 options. This is a critical decision and will involve you and your attorney examining the size and makeup of your debt, the assets you are willing to risk in a bankruptcy, and your ability to repay your debts or a portion of your debts, among many other considerations. Once you have selected your specific filing plan, an attorney can help you make key decisions beforehand. For instance, if you file for chapter 7, an attorney can provide you with your best options for keeping any assets that you do not want to lose to help pay off creditors. If you file for chapter 13, an attorney can work with you to figure out an ideal payment plan that you would be able to afford. Attorneys can also help you consider aspects of your bankruptcy such as the impact on your co-signers on any loans that will fall under your bankruptcy filing or whether to file jointly with a spouse or as an individual. In order to be a trustworthy guide for this aspect of your decision-making, an attorney needs to have a thorough understanding of federal bankruptcy laws.

During the filing process, your attorney will help you gather and prepare the necessary paperwork, which largely focuses on your income, assets, debts and expenses. Once the documents are filed and the bankruptcy is in motion, your attorney will be your key guide in ensuring that you file any additional documents and respond to necessary deadlines on time. Bankruptcy requires court hearings, including a meeting of your creditors, and your attorney will represent you at these procedures and ensure that your best interests are pursued. This is one reason that it is important to have an attorney with deep knowledge of local court procedures and the bankruptcy trustees in your region, because approaches can vary from locality to locality. These hearings could prove especially consequential if one of your creditors challenges the filing, making your attorney’s experience and understanding of your specific case crucial.

Throughout, a bankruptcy attorney should be readily available when you have questions or need a consultation as you navigate the process. A bankruptcy can be a challenging, confusing experience, but a good attorney can bring a measure of clarity and comfort and help ensure that it serves its chief purpose helping you regain your financial footing.

What Should I Expect From My Bankruptcy Lawyer

After filing for bankruptcy, all debtors must attend a mandatory hearing called the 341 meeting of creditors. But, depending on your case, you (or your attorney) might need to go to additional hearings. Some common types of hearings you can expect your attorney to represent you at: • Chapter 13 confirmation hearings • Chapter 7 reaffirmation hearings, and • any other motion or objection hearings filed by you, your creditors, or the trustee. In most cases, before you file your bankruptcy case, your attorney will be able to advise you about the hearings you can anticipate attending.

Expect Competence From Your Bankruptcy Lawyer

Not all bankruptcy cases are complicated, but they aren’t all easy, either. Either way, your bankruptcy lawyer should have the skill level necessary to handle your case. In general, the difficulty of your bankruptcy will depend on: • the facts of your case • whether you file for Chapter 7 or Chapter 13 bankruptcy • whether the bankruptcy trustee will sell any of your property (an asset or “no asset” bankruptcy case) • if you own a small business, and • the involvement of bankruptcy litigation.

One way to find out if it’s a good fit is to ask whether the lawyer has represented clients in similar situations in the past.

Expect Sound Legal Advice From Your Bankruptcy Lawyer

In general, your retainer agreement (the contract you and your attorney sign) will outline the services your bankruptcy attorney will provide. Your attorney’s job is also to provide you with competent advice throughout the bankruptcy process. First, you can expect your attorney to tell you whether filing for bankruptcy would be in your best interest. If it is, you should also learn: • whether Chapter 7, Chapter 13, or another type will help you achieve your financial goals • what you can expect during the bankruptcy process, and • whether your case involves any particular difficulties or risks.

Most importantly, if you have any questions, you can expect your attorney to respond to your calls or emails promptly.

Expect Your Bankruptcy Lawyer to Prepare and File Your Paperwork

Filing for bankruptcy requires you to complete a lengthy packet of forms. Almost all bankruptcy attorneys have specialized software that prepares and files your required bankruptcy paperwork with the court. You’ll provide your attorney with all of your financial information, such as income, expense, asset, and debt information. Your lawyer will use it to prepare the official forms and then go over the completed paperwork with you to ensure accuracy. You might have to provide additional forms or documents with the court or the trustee, too. Your attorney will make sure to do so promptly because missing a bankruptcy deadline can cause: • delays in the process • dismissal of your case, or • other adverse consequences.

For these reasons, one of the responsibilities of your bankruptcy attorney is to know the local rules and filing procedures.

Bankruptcy Planning: • Consider alternatives to bankruptcy. Bankruptcy might not be the only way to achieve financial peace. If bankruptcy is not the best choice, your attorney will suggest an appropriate bankruptcy alternative. • Decide which type of bankruptcy to file. Chapter 7 and Chapter 13 accomplish different goals and serve different purposes. For instance, Chapter 7 will wipe out a lot of debt in a short time, but it won’t help you save a house if you’re behind on your payments. Your attorney will carefully consider your wants and needs and will recommend a course to help you achieve those goals. Bankruptcy Preparation: • Apply the means test. The means test calculation indicates whether you qualify for a Chapter 7 bankruptcy or whether you can afford to make payments in a Chapter 13 case. An attorney will understand how to use any special circumstances you present. • Value your property. Do you know how to value your dining room set or your 5-year-old TV? Your attorney will make sure that you disclose and value your assets realistically. • Choose and apply exemptions. Every state has a separate exemption system used to keep property in bankruptcy. Your attorney will understand how to use the exemption rules to protect as much of your assets as possible. • Determine Discharge of Debts. Some debts don’t get wiped out (discharged) in bankruptcy. Others go away only if certain conditions get met. Your attorney will explain which debts will get eliminated and which will survive your case. During Your Bankruptcy: • Complete the schedules and other paperwork. You will file pages of financial data about your debts, income, expenses, assets, and recent financial transactions, all under penalty of perjury. Your attorney will know what you must disclose, how to value your assets, what constitutes income, which of your expenses is “reasonable and necessary,” which tax returns to supply, and a host of other issues. • Guide you through the bankruptcy case. Your attorney will explain and prepare you for what’s ahead, like the role of the bankruptcy trustee and the judge, the steps you must take to qualify for a discharge, and what actions your creditors can take. • Provide accurate and complete testimony. You must sign your bankruptcy paperwork under penalty of perjury, telling the court that as far as you know, the information is correct. At your meeting of creditors and anytime you’re in court, you’ll swear or affirm that you’re telling the truth. Your attorney will be with you to ensure that your testimony is correct and complete. • Handle creditors who violate the automatic stay. Some creditors just don’t know when to quit collecting. If a creditor violates the automatic stay (the injunctive order that prohibits collection activity after the filing of the case), your attorney can demand compliance or ask the court to hold the creditor in contempt. • Negotiate with your creditors. In Chapter 7 bankruptcy, your attorney can negotiate a reaffirmation agreement or redemption with a secured creditor that will allow you to keep your house or car. In Chapter 13 bankruptcy, your attorney will negotiate with your creditors on payment terms, the value of collateral (property that secures payment of a debt), and interest rates to make your repayment plan affordable. • Modify a Chapter 13 repayment plan. If circumstances change during your Chapter 13 case, your attorney can help you ask the court to make a temporary or permanent adjustment to the terms of your Chapter 13 plan or request an early discharge due to hardship.

Rebuilding Credit After Bankruptcy

All in all, attorneys are good at making sure that your case gets through the process smoothly, thereby allowing you to take full advantage of your fresh start. Even so, sometimes things occur afterward that need attention (although this is rare). Your attorney can help resolve post-bankruptcy discharge violations if a creditor attempts to collect a debt that was wiped out by the bankruptcy. Also, many attorneys provide guidance on rebuilding credit. They’ll give you handy tips that will help you take advantage of the offers you’re bound to receive shortly after your case comes to a close.

Flat Fees Versus Hourly Fees

Many attorneys, especially bankruptcy attorneys, will charge a “flat rate” to represent you in a bankruptcy case. You’ll pay a fixed amount for the attorney to represent you, regardless of the amount of time the attorney spends on your case. Other attorneys will charge you an hourly rate, although it’s uncommon in consumer bankruptcy cases. The more likely scenario is for the attorney to charge a flat fee for the bulk of the matter. The lawyer will charge an hourly fee for any extra work required for services like defending against an objection to discharge. Your contract should spell out what the flat fee covers.

Average Chapter 7 Bankruptcy Attorney Fees

Most Chapter 7 bankruptcy attorneys will base their fees on how complicated your case is and what other attorneys in the area would charge for a similar bankruptcy. If you have a lot of assets or debt, you might pay more than an unemployed person with no assets. In general, attorney fees for a Chapter 7 bankruptcy range from $1,000 to $3,500 depending on the complexity of the case. Larger firms with more advertising and overhead costs sometimes charge more than a solo practitioner, but not always. Some larger operations offer low fees and count on a higher volume of cases.

Also, you might find a solo practitioner will cost more but offer more personalized service. It will depend on the office. You can expect a newer attorney to charge less than a more experienced lawyer, and if your case is a simple Chapter 7, you might not need an attorney with years of experience. Keep in mind, however, that bankruptcy is a specialized area of law and that most attorneys who don’t regularly practice bankruptcy won’t accept a bankruptcy case. When shopping around for a bankruptcy lawyer, call at least a few attorneys in your area. Compare their fees and ask if bankruptcy is an area they specialize in, as well as the number of cases they file each month.

Paying a Chapter 7 Attorney

You’ll pay your Chapter 7 attorneys’ fees in full before the attorney files the case and with good reason. Chapter 7 wipes out most unsecured debt in a Chapter 7 case, including attorneys’ fees. So if you had a balance due when filing the matter, it would get discharged. Chapter 7 attorneys know this, of course, and require full payment.

Lawyers Must Disclose Attorneys’ Fees to the Court

Attorneys’ fees in bankruptcy cases are somewhat unusual in that they must be disclosed to and approved by the court. However, this doesn’t mean that the bankruptcy court fixes the amount that attorneys can charge in bankruptcy cases. Attorneys are free to charge what is reasonable given their experience and the complexity of your case subject to review by the court. Some courts have a “presumptive” maximum fee for certain types of bankruptcy cases, but the attorney can overcome the ceiling by demonstrating a good reason for charging more.

Free Initial Consultation with Lawyer

It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Utah Bankruptcy

Utah Bankruptcies

Utah Bankruptcy

Business Lawyers

Estate Planning Lawyer

Divorce Lawyer and Family Law Attorneys

Ascent Law St. George Utah Office

Ascent Law Ogden Utah Office

The post Utah Bankruptcy Attorney appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/utah-bankruptcy-attorney/

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Student loan giant loses another case about private debt discharge in bankruptcy

Student borrowers with certain types of personal loans were able to pay off those bankruptcy debts according to a New York court ruling.

On Thursday, the U.S. Second District Court of Appeals defended itself on the side of student debtor Hilal Homaidan against student loan giant Navient (NAVI), who argued that private student loans could not be canceled under existing bankruptcy laws.

A three-person panel noted that certain personal student loans can in certain cases be paid off through bankruptcy, as can credit cards and other debts if certain conditions are met.

“Navient’s broad interpretation – according to which any loan under Section 523 (a) (8) (A) (ii) is non-deductible when used to promote one’s own education – would practically all student loans under Section 523 (a). (8) (A) (ii), “District Judge Dennis Jacobs stated,” This construction proves too much. “

The ruling, along with similar rulings in the fifth and tenth circles, suggests that private credit service providers like Navient will have difficulty asserting that all bankruptcy student private loans are non-deductible.

“It creates something like this domino effect … where there are three appeals courts that say this type of student loan can be withdrawn,” said Jason Iuliano, associate professor of law at the University of Utah and an expert on student credit insolvency law, said Yahoo Finance. “They will make lawyers think more about it … and really rethink their categorical advice that they give everyone that student loans cannot be redeemed.”

A graduate on May 28, 2021 in Louisville, Kentucky. (Photo by Jon Cherry / Getty Images)

In a statement to Yahoo Finance, Navient argued that the latest ruling applies to only one point on the appeal and that the company “has raised multiple objections and is looking forward to raising those objections later on.”

At the same time, citing a recent push to reform bankruptcy law, the company added, “We recognize that some student borrowers face long-term financial challenges, and that’s why Navient has been recommending bankruptcy reforms that would make this possible for several years and bankruptcy student private student loans are deductible after a good faith seeker of repayment. “

The story goes on

Navient “can no longer argue that private student loans are not deductible”

Student loans have traditionally been considered non-excusable in the event of personal bankruptcy or only in very limited circumstances, with different guidelines for private and government-secured debt.

There is approximately $ 100 billion in outstanding student personal debt and more than $ 1.56 trillion in federal student debt outstanding.

According to Homaidan’s attorneys, up to or more than US $ 50 billion in private student loans could potentially be tax deductible in bankruptcy because these loans were made to finance studies in non-accredited schools or had no “educational benefit” as defined by the law.

For Navient, “one of the defense mechanisms was that this” [private student loans] are not excusable in bankruptcy and constitute a type of protected loan or benefit in the articles of association, ”Adam Shaw, partner at Boies Schiller Flexner LLP, who represented Homaidan, said Yahoo Finance.

But, Shaw added, the latest ruling suggests that Navient “can no longer argue that private student loans are not educational deductible in bankruptcy.”

Along with the other recent cases, the recent ruling contributes to a growing trend in which student borrowers have been able to claim that loans taken out either to attend an unaccredited program or to fund tuition over and above educational benefits are in Bankruptcy proceedings are deductible.

Tuition answer loans

Homaidan attended Emerson College from 2003 to 2007 and took out Tuition Answer Loans from Sallie Mae, Navient’s predecessor. The loans totaled approximately $ 12,500.

Study response loans, which were first offered by Sallie Mae in 2004, according to the company’s 10-K SEC filing in 2008, did not come through the school’s financial assistance office. Instead, TV commercials sold the loans direct to consumers and the funds went straight to bank accounts, according to court documents.

Upon graduation, Homaidan filed for Chapter 7 bankruptcy in the US Bankruptcy Court for the eastern borough of New York. In that petition, he listed the Navient loans as a liability and eventually obtained a discharge order from the bankruptcy court – but the order did not specify what debts were being paid.

Navient then hired a debt collection company to collect the loans. Confused, Homaidan assumed that the loans had not been repaid and paid Navient in full.

In 2017, he filed for bankruptcy retrial to see if those student loans had actually been dismissed during the original process. Navient pushed back, arguing that these loans were exempt under 11 USC § 523 (a) (8) (A) (ii). The Second District rejected Navient’s argument, ruling that Homaidan’s Study Answer Loan fell “outside the scope” of this law.

An unidentified man leaves the US bankruptcy court in Lower Manhattan, New York City. (Photo by Ramin Talaie / Corbis via Getty Images)

In late 2007, Sallie Mae held $ 3.3 billion in tuition answer loans. The company, which spun off its loan service as Navient in 2014, stopped granting new student loans in 2008.

Shaw estimated that of that $ 3.3 billion, there could be about 300,000 loans with $ 500 million in outstanding debt that were like Homaidan’s: potentially excusable but still a target of debt collection.

“Hundreds of thousands, if not millions, of people who have either been turned away from bankruptcy or thought they were ineligible [with student loans]… it is safe for them to double-check their luck, ”Austin Smith of Smith Law Group, another attorney for Homaidan, told Yahoo Finance.

–

Aarthi is a reporter for Yahoo Finance. She can be reached at aarthi@yahoofinance.com. Follow her on Twitter @aarthiswami.

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source https://seedfinance.net/2021/07/17/student-loan-giant-loses-another-case-about-private-debt-discharge-in-bankruptcy/

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Debts in Chapter 7 Bankruptcy

Does Chapter 7 wipe out all debt?

Whether you are planning to file for bankruptcy, or you are already in debt, it is important to know what debts can be discharged in bankruptcy. It is also important to know what is not discharged.

You will not be able to discharge all debts in Chapter 7 bankruptcy. This is because there are limits on which debts can be discharged. There are also exceptions. For instance, certain tax debts are not discharged. Also, some types of loans, like educational loans, are not included.

Process of Filing Chapter 7 Bankruptcy

If you file for Chapter 7 bankruptcy, you will have to go through the process of meeting with creditors and demonstrating to them that you have the resources to repay your debt. The process can take up to six months. Then, the bankruptcy court will issue a discharge order. After this, your creditors cannot pursue you anymore. If you have any questions about filing for bankruptcy, you should seek out a reputable legal adviser.

Pre-Bankruptcy Credit Counseling

Before filing for bankruptcy, you should go through pre-bankruptcy credit counseling. This is usually offered by nonprofit credit counseling agencies. This will help you determine whether bankruptcy is the best option for you. You should also set up a budget. After you have filed for bankruptcy, you may need to wait two or three years before you can get a mortgage. This will also have a negative impact on your credit score.

Bankruptcy Means Test

You will also need to pass a means test. This test determines whether your disposable income is below the median income in your state. If you pass this test, you will receive a discharge in most cases. However, if you do not pass this test, your case may be converted to a Chapter 13 bankruptcy.

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

Chapter 7 Bankruptcy Attorney Free Consultation

If you have any questions or in need a Chapter 7 Bankruptcy Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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Utah Bankruptcy

Utah Bankruptcy

Most people file bankruptcy due to circumstances that are mostly beyond their control. Medical bills are a good example. Hospital, surgical, and other medical debt accounts for about two-thirds of bankruptcy filings. Lifestyle decisions sometimes contribute to injury or illness. But no one asks for these things to happen.

Bankruptcy is ideal for people who feel like their financial lives are spiraling. No other debt protection law offers the same one-two-three punch as bankruptcy. This combination is outlined below. So, instead of waiting and hoping for things to get better, you can take control of your own financial future.

A Utah bankruptcy lawyer helps you before, during, and after the case. Attorneys give you solid advice about your debt relief options. Bankruptcy and non-bankruptcy alternatives are usually available. During the case, an attorney handles the complex paperwork and represents you at bankruptcy hearings. After the case, a lawyer can work with you on the quickest and most effective way to raise your credit score.

Utah Bankruptcy Law

Regardless of the state, bankruptcies are always a combination of federal and state laws. Utah’s bankruptcy laws are a good example. Federal law, mostly the Bankruptcy Code, controls most aspects of a bankruptcy case. State law, such as the Utah Exemptions Act, controls property exclusions and a few other items.

General Bankruptcy Principles

The fresh start is the overarching principle in bankruptcy cases. The Supreme Court has consistently held that bankruptcy “relieve[s] the honest debtor from the weight of oppressive indebtedness, and permit[s] him to start afresh free from the obligations and responsibilities consequent upon business misfortunes.” Section 362 of the Bankruptcy Code is an essential part of this fresh start. The automatic stay immediately stops creditor adverse actions, like: • Eviction • Lien placement • Repossession • Wage garnishment • Foreclosure • Bank account levy

The automatic stay can prevent these things from happening. However, these actions are difficult to undo, whether you file bankruptcy or not. So, prompt action is essential. Typically, the automatic stay remains in full effect as long as the case is pending. That could be up to five years. So, if you need time to catch up on mortgage payments or erase other secured debt delinquency, bankruptcy gives you the chance to do so. Creditors cannot harass you during the protected repayment period, as long as you make monthly payments. When the bankruptcy ends, the judge discharges most unsecured debts, such as medical bills and credit cards. This debt discharge, or debt forgiveness, usually frees up hundreds of dollars a month.

Types of Consumer Bankruptcy

Essentially, there are two kinds of consumer debt. So, there are basically two kinds of bankruptcy. Some other bankruptcy options are available in some jurisdictions. Families with large medical bills and other unsecured debt often choose Chapter 7 bankruptcy. In as little as six months, Chapter 7 eliminates most unsecured debts. The full force of the automatic stay usually applies in these cases. In other words, when you file Chapter 7, creditors leave you alone and you quickly get a fresh start. If mortgage delinquency and other secured debts are a problem, Chapter 13 is usually a good alternative. In a Chapter 7, the bankruptcy trustee does little more than verify your identity at a 341 meeting. A Chapter 13 trustee does much more. The trustee basically puts you on an allowance for either three or five years. After you pay monthly bills, most disposable income goes to pay down secured debt delinquency. Unsecured debt discharge, which happens after secured debt delinquency is erased, completes a Chapter 13 fresh start.

Furthermore, not everyone in Utah is eligible for a fresh start. You must have lived in the state for at least two years to file bankruptcy here. Moreover, you cannot hide income, misclassify your debts, or otherwise commit bankruptcy fraud. There are some chapter-specific qualifications as well.

Qualifying for Chapter 7

The means test often determines your eligibility to file Chapter 7. Your annual household income must be below the state average. This figure, which is usually about $95,000 for a family of four, changes every few months. Some regional variations apply. For example, the cost of living is higher in the Ogden/Salt Lake City/Provo region than it is in other areas. Some other qualifications apply as well. Sometimes, these rules are unwritten. For example, if you file for Chapter 7 despite earning more income than you owe in necessary expenses each month, expect the trustee to ask questions about where the money is going.

Qualifying for Chapter 13

There are no debt ceilings in a Chapter 7. But, there are debt ceilings in a Chapter 13. You cannot have more than $1.4 million in secured debt and $400,000 in unsecured debt. These totals include current and past-due obligations. So, if your name is Batman and you live in Wayne Manor, you might not be eligible for Chapter 13 bankruptcy. The income/expense balance sometimes comes into play as well. But Chapter 13 has the opposite unwritten rule of Chapter 7. Chapter 13 debtors must have enough disposable income to make a monthly debt consolidation payment. The amount depends on the amount of debt and some other factors. It’s usually roughly the size of a mortgage or rent payment.

Utah Bankruptcy Exemptions

Outside bankruptcy, your hard-earned assets are at the mercy of creditors. In many cases, creditors do not need court orders to take your house, car, or other property. Bankruptcy protects (exempts) these assets. Luxury items, like vacation homes and boats, are usually nonexempt (not protected). But that’s not always the case. Normally, items like camping trailers are nonexempt. An obscure bankruptcy law provision, the best interests of creditors rule, forbids such seizures and sales.

Some states allow debtors to choose between federal exemptions or state bankruptcy exemptions. That choice is unavailable in Utah. But that usually does not matter, because Utah’s exemptions are so broad. They include: • Home equity: If you have less than $42,700 of equity in your house, mobile home, or other residence, the trustee cannot touch it. You may also exempt up to $5, 1000 in other real estate or property equity that is not your primary residence. • Motor vehicle: The law protects up to $3,000 of vehicle equity. Typically, new cars, like new houses, have almost no equity. Since these loans are amortized, for about the first half of the loan, almost all payments go to interest instead of principal. Used cars have almost no value, especially if they have any significant wear and tear. • Personal property: Clothes, furniture, electronics, jewelry, firearms, and other personal property and household goods are exempt in Utah. Sometimes, value limits apply. Once again, however, things like used guitars and other musical instruments are practically worthless, at least financially. animals, books, and musical instruments, up to $1,000 total • artwork depicting or produced by a family member • bed, bedding, and carpets • burial plot • clothing (but not furs or jewelry) • dining and kitchen tables and chairs, up to $1,000 total • firearms: one shotgun, one handgun, one shoulder arm; 1,000 rounds of ammunition for each of the foregoing firearms ��� food to last one year • health aids • heirlooms, up to $1,000 total • personal injury and wrongful death recoveries for you or someone you depended on • proceeds from sold, lost, or damaged exempt property • refrigerator, freezer, microwave, stove, sewing machine, washer, and dryer • sofas, chairs, and other furniture, up to $1,000 total • education savings plan up to $200,000 • Retirement accounts: Defined contribution plans, like IRAs, and defined benefit plans, like pensions, are exempt. The exemption also applies to college savings plans, if they are worth less than $200,000. • Income: 75% of your current wages are exempt. This exemption also applies to government income payments, like VA disability or Social Security payments. Insurance payments are usually exempt as well. A bankruptcy lawyer can show you how to maximize these exemptions. • Public Benefits Insurance • Disability, illness, medical, surgical, or hospital benefits. • Fraternal benefit society benefits. • Life insurance policy cash surrender value, but not payments you’ve made on policy within the year before filing. • Life insurance proceeds if the beneficiary is the insured’s spouse or dependent and if the proceeds are needed for support. • On the subject of homes, a quick word about bankruptcy values. There is usually a difference between an item’s fair market value and its as-is cash dollar amount. You must list an item’s as-is cash value, or its garage sale value, on Schedule A or B.

Chapter 7

Chapter 7 bankruptcy is considered the “liquidation” form. This is a true “wipe the slate clean” type of thing a debtor filing for Chapter 7 is starting over entirely. A trustee is appointed to assist with the sale of assets – this doesn’t necessarily have to be all of a given debtor’s assets, but it’s often most of them. Once these have been liquidated, the trustee pays creditors a percentage of the proceeds. Certain other debts are forgiven, or discharged – debts which cannot be discharged generally include student loans, alimony or child support taxes. If you’ve filed for Chapter 7 bankruptcy, you won’t be eligible to file again for another seven years.

Chapter 11

Chapter 11 bankruptcy is considered the “reorganization” format. This format again involves a trustee, but this time includes a repayment plan which is submitted to a court for approval – the court can then approves, alter or suggest a new plan. These plans can last anywhere from three to five years. Debtors do not have to liquidate assets in this format, and they’re often only repaying 30 to 50 cents on the dollar from what they actually owe. Both individuals and corporations can file for Chapter 11 bankruptcy.

Chapter 12

Chapter 12 bankruptcy is relatively similar to Chapter 11, except that it’s specifically designed only for family farmers. It’s not meant for larger companies or corporations.

Chapter 13

Chapter 13 is also similar to the two types above, but instead of being for family farmers, it’s for all other individuals – and again, not for corporations or larger companies. There are limits set on the amount of money which can be owed by the debtor under Chapters 12 and 13 bankruptcy.

What Is The Process To File For Bankruptcy In Utah?

Every person or couple who files for bankruptcy must go through a legal process. Once you begin this process, it will help determine the magnitude of your debt problem, whether or not you should file, and what kind of bankruptcy would benefit you most. Additionally, this process helps protect you from aggressive creditors and misunderstandings. It can be a bit detailed, but if you need to file for bankruptcy in Utah, you need to know a few things about the process.

Step One: Attend Utah Bankruptcy Counseling

Before you are allowed to file for bankruptcy, you must attend credit counseling. This is a straightforward course that teaches efficient finance- and debt-management; you will be taught how to determine whether or not you will be able to pay off any debts you may incur in a timely manner, how to avoid getting into trouble by amassing debt you cannot repay, and how to relieve yourself of your debt, among other useful things. You may be called upon to make a debt management plan for yourself; at this point, you must decide whether or not you want to go forward with your plan to file for bankruptcy. This course must be attended within six months prior to your filing date; it is best to do this as soon as you can.

Step Two: Bankruptcy Information And Determination

In order to ensure that your bankruptcy is based on accurate information, thereby avoiding legal disciplinary action, you must gather information and fill out paperwork. This paperwork is simply a summary of your financial situation, including a list of your creditors, the amounts of debt you owe, your average income, and other relevant pieces of information. Once you have gathered all of your required information, you must take the Means Test; this is a simple test that uses that information (and a bit of math) to determine whether or not you qualify for a Chapter 7. If you do qualify, you will have the option to do so; however, you are not required to file a 7 if you’d rather file a 13.

Step Three: Filing Bankruptcy Documents And Meetings

The actual act of filing is not a difficult one. You will need to appear in court and meet with your attorney, but once you have filed, you will be granted an automatic stay. This means that your creditors will not be allowed to contact you or harass you in any way. You will be able to go forward without worrying about your creditors. You will also be required to meet with your creditors to discuss your bankruptcy or negotiate with them. As long as you have been fully honest about your situation and your assets, your bankruptcy filing process should go smoothly; all you need to do is follow procedure.

Free Initial Consultation with Lawyer

It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!

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Foreclosure Lawyer Tooele Utah

Tooele is a city in Tooele County in the U.S. state of Utah. The population was 22,502 at the 2000 census, and 32,115 at the 2010 census. It is the county seat of Tooele County. About 30 minutes southwest of Salt Lake City, Tooele is known for Tooele Army Depot, for its views of the nearby Oquirrh Mountains and the Great Salt Lake. According to the United States Census Bureau, the city has a total area of 21.2 square miles (54.8 km²), of which 21.1 square miles (54.8 km²) is land and 0.04 square miles (0.1 km²) (0.09%) is water. Tooele is located on the western slope of the Oquirrh Mountains in the Tooele Valley, the next valley west of the well-known Salt Lake Valley. Many popular camping and picnic areas surround the city. The unusual name for the town is thought by some to have evolved from an old Ute Indian word for tumbleweed. This is one of many unverified explanations, as the name’s usage predated the introduction of the Russian thistle to the United States. Other explanations include that the name derives from a Native American chief, but controversy exists about whether such a chief existed. Others hypothesize that the name comes from “tuu-wiita”, the Goshute word for “black bear”, or from “tule”, a Spanish word of Aztec origin meaning “bulrush.”

How to Stop Foreclosure With a Temporary Restraining Order

The best way to temporarily stop a foreclosure up to the day before an auction, and when a homeowner does not need to otherwise declare bankruptcy, may be to file a Temporary Restraining Order (TRO). A TRO is a legal order filed by an attorney on behalf of a homeowner against their lender. In most cases, it will result in a brief delay (30 days, give or take) of a foreclosure auction – which may provide enough time for a homeowner to sell a home using other strategies or catch up the payments. TROs are a legal specialty; you must have an attorney with this specialty lined up in advance if you need to utilize this maneuver.

The advantage of a TRO is that it can be done at the last minute just before the home is actually auctioned off by the lender. In addition, it does not require the homeowner to declare bankruptcy and thus often both a bankruptcy and foreclosure can be avoided. Once the TRO is filed, the auction is stopped or nullified until the lender has the TRO lifted.

The disadvantage to filing a TRO is that it costs money and is only a temporary delay.

How Do I File a Motion to Stop Foreclosure?

If your lender intends to foreclose on your house, you have the right to fight it in court. In a judicial foreclosure, your lender must file a lawsuit to foreclose; if you file in response, you’ll be allowed to make your case before a judge. In non-judicial foreclosure the norm in several states, such as Utah–the lender doesn’t need court approval. You can still get your day in court, but only if you file a lawsuit to prevent foreclosure. • Ask the county clerk for information on the specific forms and fees your county requires. Each county may have its own legal paperwork, the Utah court system’s website states, and each county sets its own schedule of fees you have to pay to file. • File the paperwork, including a request for a temporary restraining order. A TRO, will stop foreclosure until the judge hears your case. If your lender doesn’t respond, the judge will probably approve the TRO, but you may be asked to post a bond against any financial damage this causes the lender. • Serve papers on the lender. Someone 18 or older who isn’t involved in the case must present papers to the lender notifying it of the lawsuit, and return a “proof of service” to you. The case won’t proceed until the lender is formally notified you’ve sued. • Ask for a preliminary injunction when you get your court hearing. If the judge grants the injunction, he’ll stop the foreclosure until the case is decided. The judge will issue the injunction if she believes there’s a good chance you’ll win, and if the damage you’ll suffer from foreclosure is greater than your lender suffers by delaying foreclosure. If the judge doesn’t issue the injunction, then the foreclosure clock resumes ticking.

• Present your defense. Valid defenses include that the lender made a mistake, such as crediting your payments to the wrong person; that it engaged in unfair lending practices; or that it made major procedural errors. The same defenses can be raised in judicial foreclosures.

How Foreclosure Delaying Services Work

Struggling homeowners who want to keep their homes have several options for delaying foreclosure. As the number of foreclosures nationwide increased during the housing market collapse, more foreclosure delay or “home retention services” and companies came into existence. Foreclosure delay services use every legal means, including filing lawsuits, to put off a homeowner’s foreclosure for as long as possible. With enough time, a homeowner in foreclosure may be able to stop the process.

Judicial foreclosure is the other form of foreclosure employed by lenders. In judicial or court-facilitated foreclosures, foreclosure delay service attorneys work to delay foreclosure cases using procedural challenges. Typically, foreclosure delay service attorneys first file written answers for their clients, which can buy an additional 30 to 60 days. They also file for continuances or time to prepare foreclosure defenses for their clients. Judges frequently grant these types of continuances.

Legal challenges to foreclosure cases filed by lenders are common delaying tactics. Legal challenges in foreclosure cases include for jurisdiction, especially when out of state lenders are involved. Foreclosure delay service attorneys challenging lenders over jurisdiction usually request that county courts move those cases to the federal courts. Lawyers also can challenge a lender’s legal standing by forcing the lender to prove it actually owns the loan.

Buying Homeowners Time

Foreclosure delay services are exactly that — and they don’t generally get foreclosures canceled altogether. They can buy critical time for homeowners facing imminent foreclosure to find workable foreclosure alternatives. With enough time, a homeowner facing foreclosure could line up mortgage reinstatement funding using state-offered grants, for example. Foreclosure delay also can give struggling homeowners enough time to find buyers or at least an alternative living arrangement.

Other Alternatives

Though it can be a drastic measure, filing for bankruptcy can delay an active foreclosure case. Both Chapter 7 liquidation and Chapter 13 reorganization bankruptcy feature automatic stays that halt all creditor collection activities, including foreclosure sales. Using Chapter 13 bankruptcy, a homeowner could even permanently halt foreclosure using a three- to five-year repayment plan. During Chapter 13 bankruptcy’s repayment period, delinquent mortgage payments plus lender foreclosure costs can be gradually repaid and mortgages reinstated.

How to Postpone a Trustee’s Auction

When discussing real estate, auctions are referred to as a “trustee’s auction” or “trustee’s sale date.” To postpone this sort or auction, the borrower must first be in default—meaning the borrower is not making mortgage payments. Borrowers who stop making mortgage payments will sooner or later cause the bank to foreclose. How that foreclosure is handled depends on state law, but more than half of the states in the U.S. are trust deed states, and the trustee handles foreclosures. Fannie Mae short sales that are in default are handled differently; Fannie Mae and Freddie Mac do not ordinarily postpone trustee’s auctions.

After a borrower stops making the mortgage payments, the lender notifies the trustee to initiate foreclosure proceedings. The trustee is a third party to the trust deed, a position some call “holding a naked title.” Although there is no required period before filing a Notice of Default, most lenders prefer to try to collect during the first 60 to 45 days that a borrower falls into arrears, rather than jump into foreclosure proceedings. Some states such as California require the lender to give the borrower at least 30 days’ notice before filing a Notice of Default. Once the Notice of Default is filed, a borrower has 90 days to reinstate the loan by making up the back payments and paying late charges, which include the trustee’s fees. There are a few methods that can be used in postponing an auction.

Redeem the Mortgage

Although people refer to reinstating a mortgage and redeeming a mortgage interchangeably, they are different. To redeem a mortgage is to pay off the mortgage; reinstating requires bringing the mortgage current. During the final days of a non-judicial foreclosure process, a lender is not required to accept a reinstatement but must allow a redemption.

Apply for a Loan Modification

Lenders are also not required to postpone an auction in exchange for a loan modification, but most banks will try to work out a temporary repayment schedule. This does not mean the bank will not send the home to auction, so be careful; borrowers may want to ask the bank for a written promise not to move forward with the auction. If accepted, banks will grant a temporary loan modification, and after three to six months, tell the borrower they are filing foreclosure because the borrower does not qualify for a permanent loan modification.

File for Bankruptcy

A bankruptcy filing does not permanently stop an auction, but it could postpone the auction for a while. When a debtor files for bankruptcy, the court issues an order known as an automatic stay that stops attempts from creditors to collect money—including postponing an auction. However, the lender can then file a motion to lift the automatic stay, especially if the Notice of Default was already filed.

File a Temporary Restraining Order

Most people associate a temporary restraining order with domestic abuse, but petitioning the court for protection from abuse can also include a request to postpone an auction. Borrowers will need to hire a lawyer to file a temporary restraining order, and that lawyer might need to find a reason based on fraud or some wrongdoing on the lender’s part. Even if the lawyer is successful and wins the argument, the restraining order is not permanent.

Make a Short Sale

Telling a lender that the borrower is attempting to make a short sale is generally not enough; the borrower must submit an offer to the bank from a qualified buyer. The real estate agent or lawyer handling the negotiation for the borrower then calls the bank’s negotiator and requests a postponement of the auction. Often, banks will not consider a request for a postponement until the auction is a few days away.

Fighting a Foreclosure in Court

If you believe that you have a valid argument against a pending foreclosure, you may want to go to court to fight the lender. You can respond to the lender’s lawsuit against you if the lender is using the judicial foreclosure process, or you can bring your own action in court if the lender is pursuing a non-judicial foreclosure. Defenses can be very technical and fact-specific, but generally a homeowner may want to challenge a foreclosure if the lender failed to follow the mortgage terms or the law in their state. You would need to show that this failure infringed on your rights.

For example, you might be able to stop or at least postpone a foreclosure if you did not receive proper notice of the foreclosure from the lender. Both state law and the terms of your mortgage may provide rules for the lender to follow if it decides to foreclose. Or you may be able to argue that the foreclosure resulted from errors by your mortgage servicer, such as failing to properly credit your payments and reporting that you missed them instead. If you have a right to reinstate your mortgage under state law or the terms of the mortgage, you can hold the mortgage servicer accountable for providing you with the incorrect reinstatement amount. Read more here about common errors and abuses by mortgage servicers.

Fighting a Judicial Foreclosure in Court

You will receive a summons and complaint at the outset of the lawsuit that the lender files when it is seeking a judicial foreclosure. If you want to fight the foreclosure, you should read these documents carefully and make sure that you respond within the deadline provided. You also will need to follow any court rules for your response, formally known as an answer. You may be able to reach a settlement with the lender outside court if it feels that your defense has merit. If the lender does not feel that you have a strong defense, it may file a motion for summary judgment.

A summary judgment motion is a way to dispose of a case without going through a full trial. The party seeking summary judgment argues that there is no genuine dispute of material fact and that the opposing party cannot prevail under the law. You would need to provide evidence to oppose the summary judgment motion. The judge will determine whether your defense can survive summary judgment, which means that you can proceed to trial. If the judge does not believe that you can make a defense, they will grant summary judgment to the lender and allow it to proceed with the foreclosure sale.

Fighting a Non-Judicial Foreclosure in Court

While the lender starts the court process in a judicial foreclosure, the homeowner starts the court process in a non-judicial foreclosure. This has a critical impact on the burden of proof. The lender has the burden of proof in a judicial foreclosure lawsuit, while the homeowner has the burden of proof if they are bringing a lawsuit to stop a non-judicial foreclosure. This is because, in theory, the mortgage contract provides for the lender’s right to a foreclosure, so the homeowner would be asking the court to stop an otherwise permissible process. The goal in a lawsuit against a non-judicial foreclosure is getting the court to issue an injunction against the foreclosure. This pauses the foreclosure until the judge rules on whether you have a defense or whether the foreclosure should move forward.

Foreclosure Attorney

For a Foreclosure Lawyer in Tooele Utah, call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

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from Michael Anderson https://www.ascentlawfirm.com/foreclosure-lawyer-tooele-utah/ from Divorce Lawyer Nelson Farms Utah https://divorcelawyernelsonfarmsutah.tumblr.com/post/632219866985840640

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Can Everyone Qualify For Chapter 7 Bankruptcy?

Can Everyone Qualify For Chapter 7 Bankruptcy?

Whether you’re considering filing for bankruptcy or just have a question, it’s important to understand what you’re actually eligible for. If you have more debt than you can afford to pay back, Chapter 7 might be a good option for you. However, if you have assets, there may be other options. For instance, if you own a house, you might be able to eliminate your mortgage through the bankruptcy exemption system.

The bankruptcy law has a number of criteria that you must satisfy before you can file for bankruptcy. The most glaring is that you must meet the income requirements. There are some exceptions to this rule, such as military members.

In the most basic sense, you must have less income than the state median income for a household of similar size. In the state of Utah, this means that your income must be less than $57,000. You can also file for Chapter 7 if your monthly household expenses are less than your monthly disposable income.

The means test is a complex computation, but it’s not as difficult as it seems. It looks at your current income and all of the necessary and optional expenses. It’s also the best place to start, if you’re trying to figure out if you’re eligible for bankruptcy chapter 7. In the mean time, you should also look into credit counseling. This free service is offered by every state, so you don’t have to go broke trying to qualify for a bankruptcy. If you’re eligible for one of these services, you’ll receive a certificate of completion.

Aside from the standard monthly expenses, you should also consider the costs of living in your community. If you’re a renter, you might be able to deduct your rent from your income. In fact, you can even offset your tax debts through your monthly payments toward your priority debts.

A good legal assistant can help you navigate the legal system and answer your questions. The best place to start is your local legal aid society. Most of these groups have free legal representation for low-income individuals. If you’re thinking of filing for bankruptcy, talk to a lawyer who has experience in bankruptcy law. They’ll also have the expertise to recommend the right plan for you. Depending on your situation, you might be able to file for bankruptcy in Utah or anywhere else.

The means test can be an intimidating endeavor, but with the right support, you can get through it with ease. Your attorney will be able to explain all of the rules in a clear, concise manner.

If you have been wondering if you qualify for Chapter 7 bankruptcy, talk to your attorney. If your income is over the median, you can still file for Chapter 7. You may also be able to use your disposable income to repay your unsecured debts through a Chapter 13 repayment plan. Using this plan is the smart way to pay off debt and start fresh.

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

If you have any questions or in need a Bankruptcy Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

Ascent Law LLC 8833 S Redwood Road Suite C West Jordan UT 84088 (801) 676–5506 https://www.ascentlawfirm.com https://goo.gl/maps/abyMDqWEv97VbdhW6

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Foreclosure Lawyer Tooele Utah

Tooele is a city in Tooele County in the U.S. state of Utah. The population was 22,502 at the 2000 census, and 32,115 at the 2010 census. It is the county seat of Tooele County. About 30 minutes southwest of Salt Lake City, Tooele is known for Tooele Army Depot, for its views of the nearby Oquirrh Mountains and the Great Salt Lake. According to the United States Census Bureau, the city has a total area of 21.2 square miles (54.8 km²), of which 21.1 square miles (54.8 km²) is land and 0.04 square miles (0.1 km²) (0.09%) is water. Tooele is located on the western slope of the Oquirrh Mountains in the Tooele Valley, the next valley west of the well-known Salt Lake Valley. Many popular camping and picnic areas surround the city. The unusual name for the town is thought by some to have evolved from an old Ute Indian word for tumbleweed. This is one of many unverified explanations, as the name’s usage predated the introduction of the Russian thistle to the United States. Other explanations include that the name derives from a Native American chief, but controversy exists about whether such a chief existed. Others hypothesize that the name comes from “tuu-wiita”, the Goshute word for “black bear”, or from “tule”, a Spanish word of Aztec origin meaning “bulrush.”

How to Stop Foreclosure With a Temporary Restraining Order

The best way to temporarily stop a foreclosure up to the day before an auction, and when a homeowner does not need to otherwise declare bankruptcy, may be to file a Temporary Restraining Order (TRO). A TRO is a legal order filed by an attorney on behalf of a homeowner against their lender. In most cases, it will result in a brief delay (30 days, give or take) of a foreclosure auction – which may provide enough time for a homeowner to sell a home using other strategies or catch up the payments. TROs are a legal specialty; you must have an attorney with this specialty lined up in advance if you need to utilize this maneuver.

The advantage of a TRO is that it can be done at the last minute just before the home is actually auctioned off by the lender. In addition, it does not require the homeowner to declare bankruptcy and thus often both a bankruptcy and foreclosure can be avoided. Once the TRO is filed, the auction is stopped or nullified until the lender has the TRO lifted.

The disadvantage to filing a TRO is that it costs money and is only a temporary delay.

How Do I File a Motion to Stop Foreclosure?

If your lender intends to foreclose on your house, you have the right to fight it in court. In a judicial foreclosure, your lender must file a lawsuit to foreclose; if you file in response, you’ll be allowed to make your case before a judge. In non-judicial foreclosure the norm in several states, such as Utah–the lender doesn’t need court approval. You can still get your day in court, but only if you file a lawsuit to prevent foreclosure. • Ask the county clerk for information on the specific forms and fees your county requires. Each county may have its own legal paperwork, the Utah court system’s website states, and each county sets its own schedule of fees you have to pay to file. • File the paperwork, including a request for a temporary restraining order. A TRO, will stop foreclosure until the judge hears your case. If your lender doesn’t respond, the judge will probably approve the TRO, but you may be asked to post a bond against any financial damage this causes the lender. • Serve papers on the lender. Someone 18 or older who isn’t involved in the case must present papers to the lender notifying it of the lawsuit, and return a “proof of service” to you. The case won’t proceed until the lender is formally notified you’ve sued. • Ask for a preliminary injunction when you get your court hearing. If the judge grants the injunction, he’ll stop the foreclosure until the case is decided. The judge will issue the injunction if she believes there’s a good chance you’ll win, and if the damage you’ll suffer from foreclosure is greater than your lender suffers by delaying foreclosure. If the judge doesn’t issue the injunction, then the foreclosure clock resumes ticking.

• Present your defense. Valid defenses include that the lender made a mistake, such as crediting your payments to the wrong person; that it engaged in unfair lending practices; or that it made major procedural errors. The same defenses can be raised in judicial foreclosures.

How Foreclosure Delaying Services Work

Struggling homeowners who want to keep their homes have several options for delaying foreclosure. As the number of foreclosures nationwide increased during the housing market collapse, more foreclosure delay or “home retention services” and companies came into existence. Foreclosure delay services use every legal means, including filing lawsuits, to put off a homeowner’s foreclosure for as long as possible. With enough time, a homeowner in foreclosure may be able to stop the process.

Judicial foreclosure is the other form of foreclosure employed by lenders. In judicial or court-facilitated foreclosures, foreclosure delay service attorneys work to delay foreclosure cases using procedural challenges. Typically, foreclosure delay service attorneys first file written answers for their clients, which can buy an additional 30 to 60 days. They also file for continuances or time to prepare foreclosure defenses for their clients. Judges frequently grant these types of continuances.

Legal challenges to foreclosure cases filed by lenders are common delaying tactics. Legal challenges in foreclosure cases include for jurisdiction, especially when out of state lenders are involved. Foreclosure delay service attorneys challenging lenders over jurisdiction usually request that county courts move those cases to the federal courts. Lawyers also can challenge a lender’s legal standing by forcing the lender to prove it actually owns the loan.

Buying Homeowners Time

Foreclosure delay services are exactly that — and they don’t generally get foreclosures canceled altogether. They can buy critical time for homeowners facing imminent foreclosure to find workable foreclosure alternatives. With enough time, a homeowner facing foreclosure could line up mortgage reinstatement funding using state-offered grants, for example. Foreclosure delay also can give struggling homeowners enough time to find buyers or at least an alternative living arrangement.

Other Alternatives

Though it can be a drastic measure, filing for bankruptcy can delay an active foreclosure case. Both Chapter 7 liquidation and Chapter 13 reorganization bankruptcy feature automatic stays that halt all creditor collection activities, including foreclosure sales. Using Chapter 13 bankruptcy, a homeowner could even permanently halt foreclosure using a three- to five-year repayment plan. During Chapter 13 bankruptcy’s repayment period, delinquent mortgage payments plus lender foreclosure costs can be gradually repaid and mortgages reinstated.

How to Postpone a Trustee’s Auction

When discussing real estate, auctions are referred to as a “trustee’s auction” or “trustee’s sale date.” To postpone this sort or auction, the borrower must first be in default—meaning the borrower is not making mortgage payments. Borrowers who stop making mortgage payments will sooner or later cause the bank to foreclose. How that foreclosure is handled depends on state law, but more than half of the states in the U.S. are trust deed states, and the trustee handles foreclosures. Fannie Mae short sales that are in default are handled differently; Fannie Mae and Freddie Mac do not ordinarily postpone trustee’s auctions.

After a borrower stops making the mortgage payments, the lender notifies the trustee to initiate foreclosure proceedings. The trustee is a third party to the trust deed, a position some call “holding a naked title.” Although there is no required period before filing a Notice of Default, most lenders prefer to try to collect during the first 60 to 45 days that a borrower falls into arrears, rather than jump into foreclosure proceedings. Some states such as California require the lender to give the borrower at least 30 days’ notice before filing a Notice of Default. Once the Notice of Default is filed, a borrower has 90 days to reinstate the loan by making up the back payments and paying late charges, which include the trustee’s fees. There are a few methods that can be used in postponing an auction.

Redeem the Mortgage

Although people refer to reinstating a mortgage and redeeming a mortgage interchangeably, they are different. To redeem a mortgage is to pay off the mortgage; reinstating requires bringing the mortgage current. During the final days of a non-judicial foreclosure process, a lender is not required to accept a reinstatement but must allow a redemption.

Apply for a Loan Modification

Lenders are also not required to postpone an auction in exchange for a loan modification, but most banks will try to work out a temporary repayment schedule. This does not mean the bank will not send the home to auction, so be careful; borrowers may want to ask the bank for a written promise not to move forward with the auction. If accepted, banks will grant a temporary loan modification, and after three to six months, tell the borrower they are filing foreclosure because the borrower does not qualify for a permanent loan modification.

File for Bankruptcy

A bankruptcy filing does not permanently stop an auction, but it could postpone the auction for a while. When a debtor files for bankruptcy, the court issues an order known as an automatic stay that stops attempts from creditors to collect money—including postponing an auction. However, the lender can then file a motion to lift the automatic stay, especially if the Notice of Default was already filed.

File a Temporary Restraining Order

Most people associate a temporary restraining order with domestic abuse, but petitioning the court for protection from abuse can also include a request to postpone an auction. Borrowers will need to hire a lawyer to file a temporary restraining order, and that lawyer might need to find a reason based on fraud or some wrongdoing on the lender’s part. Even if the lawyer is successful and wins the argument, the restraining order is not permanent.

Make a Short Sale

Telling a lender that the borrower is attempting to make a short sale is generally not enough; the borrower must submit an offer to the bank from a qualified buyer. The real estate agent or lawyer handling the negotiation for the borrower then calls the bank’s negotiator and requests a postponement of the auction. Often, banks will not consider a request for a postponement until the auction is a few days away.

Fighting a Foreclosure in Court

If you believe that you have a valid argument against a pending foreclosure, you may want to go to court to fight the lender. You can respond to the lender’s lawsuit against you if the lender is using the judicial foreclosure process, or you can bring your own action in court if the lender is pursuing a non-judicial foreclosure. Defenses can be very technical and fact-specific, but generally a homeowner may want to challenge a foreclosure if the lender failed to follow the mortgage terms or the law in their state. You would need to show that this failure infringed on your rights.

For example, you might be able to stop or at least postpone a foreclosure if you did not receive proper notice of the foreclosure from the lender. Both state law and the terms of your mortgage may provide rules for the lender to follow if it decides to foreclose. Or you may be able to argue that the foreclosure resulted from errors by your mortgage servicer, such as failing to properly credit your payments and reporting that you missed them instead. If you have a right to reinstate your mortgage under state law or the terms of the mortgage, you can hold the mortgage servicer accountable for providing you with the incorrect reinstatement amount. Read more here about common errors and abuses by mortgage servicers.

Fighting a Judicial Foreclosure in Court

You will receive a summons and complaint at the outset of the lawsuit that the lender files when it is seeking a judicial foreclosure. If you want to fight the foreclosure, you should read these documents carefully and make sure that you respond within the deadline provided. You also will need to follow any court rules for your response, formally known as an answer. You may be able to reach a settlement with the lender outside court if it feels that your defense has merit. If the lender does not feel that you have a strong defense, it may file a motion for summary judgment.

A summary judgment motion is a way to dispose of a case without going through a full trial. The party seeking summary judgment argues that there is no genuine dispute of material fact and that the opposing party cannot prevail under the law. You would need to provide evidence to oppose the summary judgment motion. The judge will determine whether your defense can survive summary judgment, which means that you can proceed to trial. If the judge does not believe that you can make a defense, they will grant summary judgment to the lender and allow it to proceed with the foreclosure sale.

Fighting a Non-Judicial Foreclosure in Court

While the lender starts the court process in a judicial foreclosure, the homeowner starts the court process in a non-judicial foreclosure. This has a critical impact on the burden of proof. The lender has the burden of proof in a judicial foreclosure lawsuit, while the homeowner has the burden of proof if they are bringing a lawsuit to stop a non-judicial foreclosure. This is because, in theory, the mortgage contract provides for the lender’s right to a foreclosure, so the homeowner would be asking the court to stop an otherwise permissible process. The goal in a lawsuit against a non-judicial foreclosure is getting the court to issue an injunction against the foreclosure. This pauses the foreclosure until the judge rules on whether you have a defense or whether the foreclosure should move forward.

Foreclosure Attorney

For a Foreclosure Lawyer in Tooele Utah, call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

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