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What to expect from your bankruptcy attorney

Bankruptcy isn’t a DIY project. Filing for bankruptcy can help you relieve the burden of debt, but most people need to hire a bankruptcy attorney to get through the maze. Lawyers are experts in the bankruptcy process and are able to make suggestions and offer advice based on your unique situation. Not only does a bankruptcy attorney offer you legal advice and counsel, they handle all your bankruptcy paperwork from start to finish. Here’s what you can expect when working with a bankruptcy lawyer.

Knowledge: Not all bankruptcies are complicated, but they’re not always easy and straightforward. Your attorney has dealt with cases ranging from the most basic to the extremely complex, and as a result, they have the skills and competency to handle your case, regardless of what type of situation you bring to the table. When describing your finances to your potential attorney, share more rather than less. It’s important to note whether you own a small business or other assets. Share all of your credit history, as well as any tax debt, foreclosures or pending lawsuits. Once you’ve given a full picture of your financial situation, ask if the lawyer has represented similar clients in the past.

Sound legal counsel: The retainer contract that you and a lawyer sign will clarify the services that they will be expected to provide. Included in that contract is the offering of good legal advice and honest direction based on your situation. You should expect a lawyer to help you understand whether Chapter 7, 13 or another type of bankruptcy is best, based on where you are now and where you want to be in the future. They should give you information up front about what the entire process traditionally looks like and warn you of any risks that you may encounter along the way.

Resource for questions and concerns: In addition to offering advice, your lawyer should be responsive to your calls and emails to answer your questions and address your concerns. Even if you’ve decided to go with their recommendation, you can still contact them with follow up questions, to ask for clarity, or to express concerns. Your lawyer is the expert, but they work for you, so it’s important to have a team mentality around your relationship.

Preparation and filing of paperwork: Filing for bankruptcy requires a lot of legal paperwork. Not only are bankruptcy attorneys experts on the requirements of filing paperwork, nearly all of them have specialized software to prepare and file your bankruptcy forms. You provide financial information to your attorney including income, expenses, assets and debt information. Your lawyer uses that information to prepare all the official forms necessary and reviews the paperwork with you to ensure it’s accurate. Your lawyer will make sure any subsequent forms or documents are taken care of, and they will make sure that filing deadlines are met. A missed deadline could mean delays, dismissal or other repercussions. Having a lawyer who’s an expert in the local filing laws of your area is a key responsibility of their job.

Representation at your hearings: After filing for bankruptcy, filers need to attend a mandatory meeting referred to as the 341 meeting of creditors. Depending on your case, you or your attorney may need to attend additional hearings. The most common types of hearings where you would be represented by a lawyer include Chapter 13 confirmation hearings; Chapter 7 reaffirmation hearings; or other motion and objection hearings filed by either you, your creditors or the trustee. Most of the time, your attorney will prepare you for the timing of hearings, what your role will be, and anything else you need to know.

A good lawyer is truly a good investment. In addition to helping you with the actual paperwork and preparing you for hearings and other bankruptcy issues, they can often serve as a sounding board for questions and advice. Just knowing that you have an expert on your side can go a long way toward alleviating the stress associated with debt and bankruptcy. They can help you understand options and alternatives, decide which type of bankruptcy you need to file for, and even help you negotiate with creditors or work to reconfigure your payment plans. Ultimately, your lawyer is an educator and link to understanding and navigating the complicated world of bankruptcy. A qualified lawyer will be able to answer your questions and be available to walk you through every step of the process.

You can count on our bankruptcy expertise to help you navigate your way out of debt. It’s important to have an experienced partner in the bankruptcy process. Our team is dedicated to helping you find your way to a better financial future. Contact us today for a free quote to get started.

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The most important bankruptcy statistics

Bankruptcy can happen to anyone for almost any reason. While there is still a significant stigma around bankruptcy, as professionals, we know that most bankruptcy isn’t caused by reckless, irresponsible spending, but more often by unexpected illness, job loss, or car accident. Debt.org and UScourts.gov shed some light on the most significant bankruptcy statistics in the United States.

Medical bills tend to be the biggest cause of U.S. bankruptcies; between out-of-pocket costs and job loss associated with being unable to work due to illness, some studies estimate that over 50 percent of bankruptcies can be attributed to medical issues.

Other common causes of bankruptcy include reduced income or job loss, credit card debt, student loan payments, divorce, and emergency expenses.

Demographically, most bankruptcies are filed by males (over 50 percent), who are married (over 60 percent) and earning less than $30,000 annually (near 60 percent). The average age of filers is between 38 and 45 years old. Twenty percent of those filing bankruptcy today are over 55 years old, but the number of bankruptcy filers under 30 has been steadily decreasing since the 1990s.

Some people file for bankruptcy more than once; close to 16 percent of all bankruptcy filings are repeat filings, according to some research.

Throughout the United States, the average bankruptcy was, as of 2016, 226 filings per 100,000 residents. The 10 states with the highest rates of bankruptcy include Tennessee, Alabama, Georgia, Illinois, Utah, Indiana, Mississippi, Kentucky, Arkansas, and Ohio. Alaska has one of the lowest bankruptcy filing rates.

During the recession of 2007 – 2009, bankruptcy filings reached an all-time high in 2010. Since then both Chapter 7 and Chapter 13 filings have generally decreased.

From 2005 to, 2017, about 12.8 million consumer bankruptcy petitions were filed in the federal courts. Of those, 68 percent were filed under Chapter 7, and 4.1 million and 32 percent were filed under Chapter 13. Nonbusiness filings – meaning filings not made by businesses and instead related to consumer debt – made up of 97 percent of all Chapter 7 bankruptcies and 99 percent of all Chapter 13 bankruptcies.

One of the most recent and significant changes to bankruptcy law was in 2005 when the eligibility and means test was introduced. This test was meant to assess if filers have the disposable income available to make payments towards debt (meaning they would only be eligible for Chapter 13 bankruptcy).

Chapter 7 and Chapter 13 filings are the most common and well-known types of bankruptcy, but other kinds exist, all related to how businesses or entities can file for bankruptcy: Chapter 12 is available to only fisherman and farmers, Chapter 11 allows businesses to restructure and reorganize in order to pay off debt, and similar to Chapter 11, Chapter 9 is available for municipalities, such as cities, towns, villages, counties, taxing districts, municipal utilities, and school districts to restructure and pay down debts.

Most consumers who file for bankruptcy are better off – including financial stability, progress towards rebuilding credit, and a full-time job – 5 to 10 years after filing than they were when they filed.

Bankruptcy rules can vary by state, so it’s important to always consult with a law professional.

Some people believe they have to file for bankruptcy but end up choosing another debt solution, such as credit counseling, credit consolidation, or loan refinancing or modification.

Celebrities who have filed or come extremely close to filing for bankruptcy and gone on to successful endeavors include Larry King, Henry Ford, Will Smith, Mike Tyson, George Foreman, Walt Disney, Burt Reynolds, and others.

These stats make it easy to see that bankruptcies occur for a number of reasons. It’s a complicated process that can be triggered by a complicated set of causes. Going through bankruptcy can be stressful, so working with professional legal representation is crucial. After a successful bankruptcy, you can expect:

Reduced or discharged payments

A note on your credit report for up to 10 years

An absence of credit and bill collectors

Increased financial knowledge

A better, more manageable budget

Clear financial goals

More certainty with less stress

An ability to stay on top of bills and even begin to save again

Bankruptcy might be difficult, but it doesn’t have to be impossible. You have options and we can help. If you’re in the middle of a financial crisis, it’s important to know the facts. Filing for bankruptcy might be a solution that helps get your life back on track. We’ve successfully handled bankruptcies for just about every reason, and while we specialize in bankruptcy, we make recommendations based on your personal experiences and situation. Get in touch with us today for your free consultation so we can help you start working on options that work for you. Our expertise can help guide you toward the financial future you deserve.

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How to choose a bankruptcy lawyer

If you’re looking for a lawyer, it likely means that you’re struggling with a challenging situation. Choosing a lawyer can be a difficult thing to navigate during what is likely already a difficult time. How can you find a lawyer who is right for you? Where do you start? Here’s what to know about your law representation search.

What is a bankruptcy attorney?

Law is a field of specialization. Attorneys choose a focus, from criminal law to business law to contract law to constitutional law and many more. Lawyers who specialize in bankruptcy focus on assisting clients in eliminating or reducing overwhelming debt and are able to represent everyone from individuals facing foreclosure to businesses needing to liquidate assets. What should you look for when trying to find the right lawyer for your bankruptcy filing?

Do your research: You don’t want to hire the first lawyer who pops up in a Google search. While an internet search is a good first step, you can also ask people in your network if they have recommendations. Most lawyers will offer a free consultation that allows you to explain some of the details of your situation and gives you the opportunity to get to know them and their experience. Some questions to consider asking are:

How long have they been in practice? More years of experience can often translate to better representation.

What is their track record of success? You want to know the likelihood of success in handling your case.

How much of their caseload is dedicated to handling your type of legal problem? Bankruptcy lawyers will often be qualified to handle many other legal matters but should have a bulk of their experience in handling bankruptcy cases.

What are their fees and how are they structured? What additional costs may be involved in addition to lawyer fees, such as filing fees or other administrative tasks?

When you’re filing for bankruptcy, it’s more important than ever to understand how you’ll be charged and what those fees will cover. Fees will vary based on complexity of your case and location, but most attorneys will be able to give you an estimate or average and you certainly don’t want to be surprised with any surprise charges down the line. You want to make sure you’re comfortable with their fee structure, that’s it’s within your budget, and that it’s competitive with other capable law firms.

How often will you be billed? This is also an important cost consideration.

Can they provide references from other clients? Hearing from other people like yourself in similar situations can help you understand what to expect.

How will they inform you of developments in your case? Communication is key, and you never want to work with anyone who’s going to leave you anxious and wondering.

Hire a lawyer, not a law firm: It’s easy to get caught up in hiring a popular firm or trust a law office name that you’ve heard on commercials or seen on billboards. While some of these things can certainly help indicate the success of a firm, it shouldn’t be the primary selling point. Bankruptcy can feel intensely stressful and personal, so you want to hire a lawyer you’re comfortable communicating with and able to build a professional relationship with. Whenever possible, speak directly to the lawyer who would be handling your case to assess their confidence and manners before making a decision.

Make sure they have the credentials: You can typically verify a lawyer is a member of the state bar by going to the bar association website. But do they have any additional certifications or education? Do they belong to any professional organizations?

Finding your lawyer may take a bit of time, but it’s an investment worth making. You want to ensure the best resolution possible to help secure financial freedom and a future for yourself. Finding an attorney who is professional and personable is the first step in that direction. After interviewing several attorneys, ask yourself if they seem knowledgeable and trustworthy. Did they present you with several options and ideas, or treat you like a cookie cutter case? Once you’ve narrowed it down and feel comfortable moving forward, call references or check reviews before hiring anyone.

Having a lawyer for your bankruptcy is more than just a good idea – it can be crucial to not just a fair and successful result, but also to your personal wellbeing. Bankruptcy filings are stressful and complicated and you shouldn’t have to navigate that experience without professional, compassionate representation. Call us today for your free consultation – we’re here to provide years of excellence and experience, to answer all your questions, and to help find out if we’re the right fit to help you navigate the bankruptcy process.

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What filing for bankruptcy really means

Bankruptcy is a helpful solution for those with crushing debt. It can help individuals, families, and businesses get their finances in order and help establish a financial future. However, bankruptcy doesn’t automatically discharge all debts and give you a completely clean slate in every case. Here’s what to know about filing for bankruptcy and what it might mean for you.

Bankruptcy focuses on unsecured debt: The primary focus in bankruptcy is to reduce or eliminate debt such as credit card debt, medical bills, overdue utility payments, personal loans, gym contracts, and other debts that haven’t been “secured” through collateral. For instance, when you buy a car, the car functions as the collateral – your lender is potentially able to take the car back from you if you stop making payments. If you stop paying your loan in these cases, you lose what the loan allowed you to purchase.

You’ll still be responsible for paying some bills: Under Chapter 7 bankruptcy, there are still bills that you’ll need to pay. These include any post-bankruptcy petition bills, or those that come due after filing, such as child and spousal support, utility payments for things like water, electricity, and cell phone service, rent or lease payments, condo or homeowners association (HOA) fees, most taxes, and things like car insurance.

Not all debts are dischargeable: One of the most common bankruptcy questions is what debts it eliminates or reduces. For the answer, it’s helpful to work with an experienced lawyer. Attorneys who practice bankruptcy law are experts in what to expect and how to proceed. One of the most important things to know is that your Chapter 7 filing can be denied completely if you don’t follow the proper bankruptcy procedures and court processes. Additionally, U.S. bankruptcy law specifies which debts can and cannot be discharged. Non-dischargeable debts usually include:

unscheduled debts, meaning any debts that are not listed on the bankruptcy petition

debts in the form of fines and penalties owed to government agencies

student loans (with very rare exceptions)

debts for personal injury caused by a DUI or DWI car accident

debts needing to be paid to certain tax-advantaged retirement plans

attorney fees for child custody and support cases

all court fines and penalties, including criminal restitution

However, a payment break may still exist: While you can’t necessarily forestall payments on all debt, filing for bankruptcy may help you get some temporary relief from payments for accounts like student loans, taxes, and court fines. There is an automatic stay protection that stops most creditors and collection agencies from attempting collection activities during bankruptcy in regards to most debts that you can’t discharge.

Not all bankruptcy protects you from foreclosure: While no one gives up everything in a bankruptcy filing, only Chapter 13 bankruptcy can hold off a foreclosure and eviction. A Chapter 13 filing forces the lender to accept a plan that will allow you to make up the missed payments over time if you stay current on your regular monthly payments. If you can demonstrate that you have enough income for a a repayment plan, a Chapter 13 filing can be your best shot at keeping your home. However, while a Chapter 13 bankruptcy petition can halt a foreclosure, it can’t eliminate liens. You won’t be able to keep a property you can’t prove that you can afford.

Your bankruptcy filing will be personal to you: While the laws of bankruptcy essentially dictate what is or isn’t eligible for repayment and discharge, as well as what courts need to see to prove the scope of your current financial situation, what exactly bankruptcy looks like for you will depend on your specific debts, current income, what property you own outright, and even location. Different bankruptcy filings are useful for different things and your bankruptcy process will need to consider your future financial goals, as well as assess your current financial situation.

While this list doesn’t cover everything to know about the ins and outs of bankruptcy filing and aftermath, it can set a foundation for what to expect. As the bankruptcy law stands, bankruptcy can help you get out from under severe debt but may not discharge all debts. Plus, one type of bankruptcy filing may be more relevant and helpful in your particular situation. Ultimately, your bankruptcy will be unique to you and investing in a bankruptcy lawyer may be one of the best decisions you can make for yourself. Visit our website or call our office today to get a free consultation – we can answer your questions and help you understand your options.

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Solutions for less stress during bankruptcy

Bankruptcy is an emotionally taxing and mentally confusing time. Not only is there this legal process to deal with, there’s the lingering stress of unpaid bills, debtor calls, and questions about the future. We specialize in helping you file and get the debt relief you need, but there are some other things you can do to make the process a little easier.

Get moving: Not just on your paperwork. Physically moving your body whether it’s on a run or on a surfboard can reduce stress. Financially you may be wondering how you can add a workout membership to your life, but most great workouts are free. You can jog around your neighborhood, take the dog for a long walk, bike to work, or even just do some yoga posts while watching a YouTube video.

Set a time limit: Everyone needs time to process stress and it’s never easy to just turn the stress off. Some people swear by setting a timer, however, and allowing themselves an allotted amount of time to obsess or fret over something. After 15 minutes have passed, they move on to thinking about something else and feel much less fixated.

Plan for the future: Putting a plan together can help put a positive spin on things. It might seem overwhelming right now, but putting together goals for the next one, five, and 10 years can help give you something to work towards and reduce the feelings of fear and uncertainty.

Find a community: Bankruptcy can happen to anyone. People from all walks of life and backgrounds can face it. You can learn from the experiences of other people and draw support from people who are struggling with similar issues. You can find support groups or forums online, where people can share advice, stories, and vent about the stress of their situation. Finding a group who understands your situation can be key in keeping your stress low.

Do your homework: Some people find that the more knowledge they have, the less stress they feel. Check out books on bankruptcy from your library and read up on what to expect. You don’t have to become an expert, but having a working knowledge can be helpful.

Hire a lawyer: One of the best ways to gain peace of mind through the bankruptcy process is to hire some help. Experts in bankruptcy law can answer questions, help you organize what you need, and ultimately point in the direction of a more positive, peaceful future.

Our team is here to help you navigate the stressful journey of bankruptcy. Call us today at 801-432-8682 or leave us a message here to get to feeling better about your finances faster.

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The dos and don’ts of a foreclosure filing

If your house has been foreclosed on, you don’t need to panic. It can be a financially troubling time for you and your family, but our experts can help walk you through the process. This list of what to do and what to avoid is a good place to start.

Do:

Find out how foreclosure works: As foreclosure experts in the state of Utah, we can help you understand the process and walk you through what you need to do. If you’ve never faced foreclosure before, it’s important to be educated on the process.

Contact assistance programs about alternatives: Some foreclosure alternatives, like a loan modification, short sale, or deed in lieu of foreclosure, might be options, depending on your situation. You should find a HUD-approved housing counselor to assist you.

Contact your loan servicer: If you know you’re going to fall behind on payments or have begun to make late payments, call your loan provider or servicer as soon as possible. They may be able to work out an arrangement for forbearance or another repayment plan. Many banks want to work with customers to help find a solution that can allow them to keep their homes and allow the bank to continue to receive some payment on the loan. Foreclosure is often a lengthy hassle that most financial institutions will to work to avoid.

Don’t:

Ignore letters or calls: Ignoring foreclosure will not make it go away, and it also won’t buy you any more time. If your financier or court calls or sends mail, make sure to address it. It’s key to help you know what’s going on in the process.

Wait until the last minute: If foreclosure is looming, you need to act fast to either save your home or prevent further financial impact. You’ll have more options the sooner you reach out for help. Foreclosure is stressful and you don’t have to do it alone.

Make payments to anyone except your lender: Don’t believe anyone who calls saying that payments need to be re-routed to them during the foreclosure process. Don’t pay any fees to any “rescue” companies that say they can prevent foreclosure. Only work with an attorney, your lender, a foreclosure mediator, or court personnel.

Foreclosure isn’t a foregone conclusion. We can help you fight it. Reach out to our expert team ASAP so we can help you stay in your home or find you the best option possible.

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The Real Cost and Savings of Bankruptcy

If you’re struggling with crushing debt, bankruptcy can help you not just save your financial future, but also your sanity. Here are the costs – and savings – to consider before making this step.

Bankruptcy can free you from debt, but it isn’t free: There is an upfront cost associated with filing the bankruptcy paperwork and gathering all the documents required to prove eligibility in some cases. This cost can range per case, but when compared to the potential interest rates, late fees, and potential repossession of assets, the cost to savings ratio of a bankruptcy filing can make sense for a lot of people.

Your credit score will be affected, but how much can depend: If you’re already behind on bills and have maxed out credit cards, your credit score likely has already seen a hit. A bankruptcy filing will wipe out much of that debt and while the filing itself will create some credit report changes that do linger for several years, the trade-off may be worth it to reduce continued late fee dings, mounting interest, and other negative credit factors.

Bankruptcy can feel messy, frustrating, and disheartening, but it can lead to peace of mind and a fresh start: Debt can be emotionally draining. Your whole life becomes oriented about how to fend off creditors and still be able to sustain and create a future for yourself. Going through the bankruptcy process can be a time of mental and emotional upheaval, but it also can be freeing down the road. Having a plan laid out through bankruptcy can provide a way through the constant anxiety.

Acting early can help you save: If you’re considering bankruptcy, it makes sense to reach out for assistance sooner rather than later. This can potentially prevent you from foreclosure or repossession filings, which will save you time, money, and stress.

Bankruptcy filing may not be a free or easy process, but it can pay off over time and in a number of ways. From reduced stress to fewer payments to a plan toward a sound and solid financial future, bankruptcy can actually be one of the best investments you’ll make in saving your future. Call us today for a free consultation and to get your questions answered. We can help you weigh the cost against what you’ll save and help you make the decision that’s right for you.

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The most important things to know about estate planning

Chances are you don’t spend a lot of time thinking about end of life planning, but it’s a responsible part of adulthood. Even if it’s difficult to start, estate planning can have make a big picture impact for your family and friends down the line. A little knowledge goes a long way and can make the whole process easier. Here are some things to know about estate planning.

Probate: This describes the process a court will use to settle and distribute a person’s assets after death. Probate processes can cost 10 percent of the value of all the deceased’s assets (the estate) and can take years to complete. This can be very stressful for family members, and having a will established can help make navigating the probate process much easier.

Will: Having a will doesn’t mean avoiding the probate process, but it does assist in the process. A will can serve as a guide for the courts and executor (the person chosen to act on the behalf of the estate) to follow.

Beneficiaries: Beneficiaries are named in your will or in specific ownership documents so that the court knows who can claim ownership after the original owner’s death. Retirement and insurance plans are common documents that need to have beneficiaries declared. Many other things allow for beneficiaries, such as bank accounts and other financial assets.

Revocable Trust: This can help name beneficiaries for larger or more complicated assets, like a home or car. A trust is a separate entity that “owns” the assets and makes transitions to new owners easier. Most things placed in a revocable (or living) trust avoid the probate process and anyone named as the trustee controls the trust.

Power of Attorney: There are usually two kinds of Power of Attorney that estate planning might involve. A financial POA is the person chosen to handle financial matters if an individual is physically or mentally unable to do so, and the POA is able to access accounts to help pay for bills and expenses. A medical POA Is named as the person to help make medical decisions if the individual is unable to. Preparing for these possibilities and ensuring POA is in place is an important part of estate planning.

These estate planning basics can help you get started thinking the future, but we’re here to answer all your questions. Get in touch today to start planning and gaining peace of mind.

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Brands that have bounced back from bankruptcy

If you’re considering bankruptcy, you might be thinking it’s the end of a fortunate financial future. While bankruptcy is serious business, it doesn’t have to evoke thoughts of failure and feelings of fear. Not only have many people found a successful way forward out of debt through a bankruptcy filing, but businesses have also used bankruptcy to help them get back on track.

If you’re worried that bankruptcy is a one-way road to ruin, here are some examples to draw inspiration from.

Brands that have bounced back from bankruptcy

Apple: The most well-known company on this list might not technically count, as Apple was only on the verge of bankruptcy in 1997, but they still stand as a worthy example as an organization that can come back to become successful and profitable after being on the brink of financial disaster.

Marvel Entertainment: Marvel is practically a household name right now, with celebrity names from all over the globe attached to their projects. Marvel is certainly not in a tight spot financially today, but they entered bankruptcy in 1996 and by 1998 exited bankruptcy to go on to become the successful comic and entertainment empire they are today.

Delta Airlines: Many airlines struggled in the early 2000s and Delta entered bankruptcy in 2005. By 2007, they had exited bankruptcy and continue to serve customers on flights all over the globe.

Sbarro’s Pizza: This chain restaurant came back from bankruptcy not once, but twice. With restructured bankruptcy settlements filed in both 2011 and 2014, this pizza place has managed to stay in business and serve hungry mall patrons all over the country.

Rangers and Cubs: Sporting clubs are businesses too, and therefore subject to bankruptcy. Lackluster ticket sales and low merchandise revenue led to both the Texas Rangers and Chicago Cubs filing for bankruptcy in 2010 and 2009 respectively. As any MLB fan knows, both teams went on to engage in America’s pastime and even win a World Series or two along the way.

General Motors: GM and the car companies under its brand umbrella made news in 2009 when they filed for bankruptcy. The car industry was seen as a robust, almost certainly recession-proof business, as it was reasoned that people would always need transportation. They filed Chapter 11 with a debt of over $30 billion dollars. Through a combination of government relief funds and a radical corporate bankruptcy restructuring plan, they were able to weather their financial storm.

Kodak: With the invention of smartphones, digital cameras, and the cloud, fewer people were paying for printed photos and traditional photography equipment. Kodak was hit hard by this technological disparity and filed for bankruptcy in 2012. In 2013, they emerged from bankruptcy, rebranded as a technology company, poised to support imaging needs for businesses. This bankruptcy restructuring and rebrand allowed them to move forward. In fact, bankruptcy helped position them as a stronger economic contributor by allowing them to continue to develop and sell products as well as keep a workforce employed.

While bankruptcy laws and procedures haven’t been able to save every business that’s been in financial trouble, it has certainly been able to provide options for businesses. The same is true for people. The bankruptcy laws are different for companies, but between Chapter 7 and Chapter 11 individual bankruptcy laws, you have financial options. Bankruptcy can stop creditor calls, stop wage garnishment, free up your future earnings, and help you find your financial footing again.

We’ve worked with families all over Utah, and we can tell you from experience: there is life after bankruptcy. Let us help you find your fresh start with a free consultation today.

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Breaking down the chapters of bankruptcy

Not everyone who files for or is considering bankruptcy is a financial expert or legal professional, and you shouldn’t have to be. Bankruptcy procedures and prerequisites are complicated and often confusing to the everyday people who bankruptcy affects. But we’re here to help make the process of filing easier, as well as helping people better understand the process overall. If you find yourself asking yourself what is Chapter 7 and how is it different than Chapter 13 or 11, or you’re wondering if you qualify under the stipulations of any chapter, here we cover the basics of the most common types of bankruptcy filings.

The types of bankruptcy, and which one might be right for you

Chapter 7: This kind of bankruptcy is often called “Liquidation” and is a straightforward way to pay down debts. Chapter 7 bankruptcy involves selling assets and property to help pay down debts. While property and assets are being sold by a bankruptcy trustee in order to pay creditors, it doesn’t mean that all property needs to be sold. Many local or federal regulations have exemptions for things like main residence or personal items like clothes. Additionally, many debts are discharged under this plan, creating a sort of “clean slate” for individuals or families.

Chapter 11: Often called “Reorganization,” under the guidelines of Chapter 11, a business or individual can undergo a reorganization or restructuring to help pay down debt and get a handle on expenses. Usually these kinds of reorganizations of finances help establish reasonable payment plans and allow businesses to continue to engage in their organizational operations, which are often necessary to continue earning revenue to pay against debts. Chapter 11 also works to discharge certain debts in order to make the debt load easier to manage and pay off. Once all required payments have been made against unsecured debts (like credit cards or other loans that don’t require any kind of collateral to be acquired), the filer can request a discharge of remaining debts.

Chapter 13: This bankruptcy guideline, referred as “Adjustment of debts of an individual with a regular income” is meant to help individuals keep their property and is the best option for people who can keep paying their secured debt, like mortgages and car loans. Continuing to make these payments helps you avoid foreclosure and repossession. Because there is no gathering and selling of assets to pay off debt associated with this plan, such as in Chapter 7, you need to come up with a payment plan to show creditors how you will manage to pay back a certain amount of owed debt. Basically, in exchange for keeping your property, you need to develop other means of payment, but a bankruptcy filing helps establish this and allows you to better negotiate with creditors. Often under this filing people will pay back less than they owe, as part of the payment plan usually includes establishing a different debt amount where a business recoups only some of their money —sometimes only 30-50% of the original amount.

Having a better understanding of bankruptcy is the first step to knowing if it’s right for you. Thinking about losing or selling property is a scary thought to many, but the reality is that bankruptcy doesn’t mean all your stuff gets hauled off to auction. Additionally, the kind of bankruptcy you end up filing will depend on your unique situation, such as amount of property owned, amount of secure vs. unsecured debt, and other criteria.

If you have more questions or are just unsure about the filing process, give us a call today. Consultations are always free and with years of expertise in bankruptcy law, we have served as a guide, resource, and partner for Utah families through their bankruptcy process.

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What To Do After Divorce

A divorce might be officially finalized in a morning visit to a courthouse, but the process – both before and after your court date – can be a never-ending list of to-dos. An experienced divorce lawyer can guide you through the pre-divorce proceeding paperwork. Here’s what to keep in mind once the divorce decree is final.

The post-divorce role of family law and estate planning

1. Divide property

A divorce is the legal end to a marriage, but there are usually some loose ends to sort through before the separation is 100% complete. Because property and asset division are usually not settled until the divorce decree is issued, the actual division of assets often takes place after the divorce is settled. The first post-divorce to-do, then, is to divide property and other assets as set forth in the divorce agreement. If you have joint debt that will be split according to the divorce decree, you’ll need to establish a payment schedule for how to handle payments going forward. If additional meditation over property or assets becomes necessary, a family lawyer may be able to help you settle post-divorce disputes.

2. Check and change accounts

Chances are you and your spouse had several shared accounts and things that were in both your names. Make a list of all of the accounts that were shared by you and your spouse, including checking account, retirement funds, car insurance, auto loan, gym memberships, cable, and any other joint accounts, then begin the process of contacting each of the organizations and updating your contact and account information. You should also make sure to update any information that isn’t financial in nature, but part of an important record – emergency contact at work or files on record at your kid’s school.

3. Check your beneficiaries

Most financial services require you to designate a beneficiary in the event of your death. In many cases, this beneficiary is listed as your spouse or even automatically designated to your spouse if no beneficiary is listed. From 401k to life insurance documents, updating your beneficiaries is a key part of the divorce process. It’s also crucial to update your will or living trust. It’s likely that previous drafts of your will included joint assets and asset designations that are no longer accurate. Estate planning is how you can protect your assets and legally ensure your wishes are carried out. Our team can help you streamline the updating process and make a complicated time a little bit simpler and more secure.

Divorce is a life-changing event. You can’t be expected to think of or handle everything by yourself. The Law Offices of Ryan E. Simpson can assist you in completing the most important tasks in your post-divorce checklist, including ensuring that your estate records are correct, making important trust updates, and making sure that you’re not left financially vulnerable.

Our expert estate planning lawyers can help you navigate your post-divorce path and help you secure a solid future for yourself and your family. Call us today for a free consultation – we can help answer questions you have, help you reestablish yourself and your financial future, and help give you security and peace of mind moving forward.

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How to Bounce Back After Bankruptcy

Filing for bankruptcy can be a huge relief. No more creditors calling at all hours of the day, no more unpaid bills stacking up on desks and counters. Once your debt is discharged, it’s important to take certain steps to protect yourself going forward and secure a solid financial foundation for the future of you and your family.

Here are some things to keep in mind.

What to do after filing for bankruptcy

1. Organize your paperwork

Filing for bankruptcy comes with a mountain of paperwork – bank statements, asset lists, debt declarations, court filings. As much as it feels like you should be able to send that stack straight to the shredder once the process is over, you should make sure that you hold onto all your records. Once the bankruptcy filing has been completed and the debt discharge has been issued, it’s important to keep all of the associated paperwork as part of your permanent records. Whether you keep paperwork in a locked filing cabinet or in PDF form in a cloud storage file, having your records easily accessible is important, in part because it serves as your record of being debt-free in case creditors or debt collectors are getting in touch with you after bankruptcy has been established.

2. Keep an eye on your credit report

Your bankruptcy won’t appear on your credit report instantly, but it will show up, usually after 2-3 months, and will ultimately impact your overall credit for up to ten years. Not only will you want to check your credit report regularly to makes sure that there are no other marks against you and that your score is steadily increasing with time, you’ll want to ensure that all your outstanding debts are reported as discharged. Anyone get a free full credit report for free once a year, while some consumers choose to use a free service like Credit Karma as a way to check it more regularly. Some credit card companies and banking institutions are now even offering regular credit monitoring as part of their service.

3. Avoid debt while rebuilding credit

A good credit score is important for being able to secure a loan, buy a home, or finance a vehicle. Just because you’ve filed for bankruptcy, it doesn’t mean that you have to give up on your financial dreams or goals. One way to work on rebuilding your credit is to get a secured credit card. Most secure credit cards are opened with no credit check and a security deposit, making them an easy and smart choice for rebuilding credit while keeping outstanding debt at bay. If you’re denied a secured credit card due to bankruptcy, you might want to open a checking account with a small bank or local credit union and inquire about a small loan or secured credit card option through them later down the line.

4. Build a better budget

Most people who file for bankruptcy have to go through some form of credit counseling. Use this to your advantage and create a real-life, working budget to help handle your monthly responsibilities, savings goals, and any debts that don’t qualify for discharge, such as student loans. Having a budget in place at the start of your post-bankruptcy life is one of the most crucial steps in securing a less stressful financial future. Using the education provided in bankruptcy-related courses is more than just mandatory to be able to move forward with a filing, but also essential to a more balanced life.

If you’re ready to take back control of your finances and put an end to the burden of debt, give us a call today for a free consultation. We can help you navigate the bankruptcy process with expert assistance and support.

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Tenant laws in Utah

Tenant laws exist to protect renters and to give guidelines for how people and businesses need to conduct themselves. But most people have busy lives and aren’t always experts in the tenant laws that can influence their lives every day.

For instance, renters have rights, and those rights can vary depending on what state you’re renting in. Additionally, there are federal renters’ rights in place that are in effect everywhere across the country. If you found yourself in a rental dispute with a landlord or tenant, would you know your rights?

What you need to know about tenant laws in Utah

State Laws:

Landlords can’t discriminate against renters for reasons such as race, religion, or gender identity. For a landlord to deny a tenant, there must be legitimate reason like unemployment, past evictions, or other past actions that a landlord feels is likely to put their income or property at risk. Tenants also have a right to privacy. This means that owners can’t enter a property they’re renting out without proper notice, unless it is in the event an emergency.

Renters are entitled to live in habitable conditions, meaning they are safe and appropriate for people to live in. Included under “safe and habitable conditions” are working heating and cooling units and access to clean, hot and cold water. Landlords also can’t neglect to make repairs or resolve maintenance issues that may create a hazard. Landlords have a duty of care towards tenants by being legally obligated to provide safety features in their units, such as fire detectors, carbon monoxide detectors, front door peepholes, and locks on doors and windows.

Landlords are legally prohibited by tenant laws from retaliating against their tenants for requesting repairs or bringing up compliance violations. This means they aren’t allowed to raise rent or threaten eviction because a complaint has been made.

Legally, landlords can keep a tenant’s security deposit to cover damages or neglect to a rental unit beyond normal wear and tear after a tenant leaves, but any funds they keep must be used to repair the property and they must provide an itemized list to the tenant. They also have 30 days to return any unused portion of the security deposit.

While renters are expected to make their lease payments on time, landlords are required to give three days notice before filing an eviction notice in cases of unpaid rent.

A landlord has a legal obligation to put a lease agreement in writing so that renters have clear access to its terms and conditions.

Federal Laws:

The Fair Housing Act is a federal anti-discrimination law that protects people from discrimination due to race, color, national origin, religion, sex, familial status, or disability. It even extends to advertising about rental properties, so that landlords and rental management companies can’t market to specific groups of people.

The Fair Credit Report Act prescribes how landlords can use their potential tenants’ credit information. Most landlords will need some form of a credit report to be able to offer a lease – it helps landlords assess risk and understand the financial position of applicants. But permission must be given from an applicant for a credit report to be run and the applicant has a legal right to be notified if that credit report was the reason for denying them a lease.

It’s important as a tenant that you not sign a lease without fully understanding what the document entails. If you have any questions about your rights as a tenant, or believe your landlord is in violation of any leasing or tenant laws, give us a call.

We can assist you in making sure that your rights as a renter are protected.

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The Most Important Questions to Ask During The Estate Planning Process

Creating a will. Establishing a trust. These might feel like far-off objectives or even unnecessary steps, but estate planning is crucial to securing security for your family and your valuable resources.

Estate planning is a process that comes with a lot of questions, which can feel overwhelming but can actually help you understand what’s valuable and what you need to consider as you create a plan.

Here are some to think over as you begin thinking about your estate planning goals:

Have you planned for joint ownership?

Many people co-own property or accounts. Whether you own your car with your spouse, have a joint checking account, or own a vacation home with several of your siblings, it’s important to consider how property will be transferred in the event of the death of one of the owners. Usually, ownership of any co-owned asset passes to the surviving owner.

Have you named and designated beneficiaries for all of your assets?

Think about your active accounts, investments, and life insurance policies. One thing that estate planning can help you do is to make sure that everything from your IRA to your 401k and other active investments can a designated beneficiary attached to that. That will ensure that any financial assets in your ownership can be transferred to the person named on your documents.

Have you made a will?

A will is one of the most basic and important parts of estate planning. It means that you have created a list of people or organizations who should receive your possessions, properties, and assets in the event of your death. Without a legal will, the state can decide how to distribute your assets. A will allows you to have control over your asset division or allocation decisions.

Have you considered a living trust?

A living trust is a legal document similar to a will with the benefit of allowing your estate to pass to beneficiaries privately, without costly and time-consuming court processes. It also allows you to instruct an individual or trustee on how you want all assets in your trust managed during your lifetime in the event that something that leaves you incapacitated, such as an accident or illness.

Have you considered a living will?

A living will is a document that states what your wishes would be in the event of an accident or disease where medical life-sustaining efforts would need to be taken to keep you alive without necessarily improving your quality of life. This helps ensure that your doctors and family are aware of your wishes.

Have you established power of attorney and medical power of attorney?

A power of attorney form protects you in the event that you can’t manage your financial affairs due to illness or other incapacity by designating a person who is legally authorized and responsible to handling your financial activities. Similarly, medical power of attorney helps you appoint someone who can make medical or health decisions on your behalf if you are unable to. Many people assume that a spouse or sibling will automatically take up this responsibility, but what if both parties are involved in the same accident? Or one is out of the country? A thoughtful power of attorney agreement helps to plan for all circumstances.

If you’re not sure what you need to plan for or what you’d need to make everything legal, that’s why we’re here. Our team will help you find out what protections are important to you and ask the questions that will ensure that your future is planned for, bringing comfort and security to you and your family.

You’ve worked hard your whole life, so when it comes to estate planning, you want to make sure to find an experienced estate planning group that has the knowledge and commitment to protecting your assets and ensuring your wishes are honored. By finding out what’s important to you, our experienced team can help you navigate and simplify the state planning process. Contact us today to start investing in your peace of mind.

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The Benefits to Bankruptcy

Deciding to file for bankruptcy is never an easy decision.

When weighing the factors involved in making your choice, it’s important to consider that, while bankruptcy may present challenges, it can also offer many benefits that can improve your quality of life, both immediately and in the long run. Are you ready to learn more about how filing for bankruptcy can help to alleviate the stress, strain and trouble of burdensome debt?

Here are some of the ways that bankruptcy may benefit you.

1. Debt relief

This is the most common benefit associated with bankruptcy and for good reason – relief from crushing debt can make a huge impact on people’s lives. Depending on the type of bankruptcy filing you pursue, debt can be discharged or restructured to allow for an immediate break in the debt you’re responsible for paying. While bankruptcy will have an impact on your credit score, it will also help alleviate immediate debt problems and likely help free up income, ultimately helping provide greater financial security and moving you towards your future financial goals.

2. Improved Credit Score

A bankruptcy filing can stay on your credit report for 7-10 years. This will likely have an adverse impact on your credit rating, potentially making it more difficult to obtain new credit cards or loans. But with discharged debt, your debt-to-income ratio will likely drop – this has a positive effect on credit and is a significant factor in establishing credit ratings. Debt relief can also free up income that can be used to pay other bills, increasing your on-time payment score, which is another large percentage of how credit scores are established. With continued on-time payments on other non-discharged debt, like student loans, you can steadily increase your credit rating and secure a solid financial foundation.

3. Reduced anxiety

The impact of debt isn’t just financial – it can be emotional as well. Not having a plan for how to tackle debt or make payments on bills can create an incredible about of stress and put a strain on interpersonal relationships. Bankruptcy gives you a solution and a way forward. When debt reduction leads to stress reduction, it can greatly improve your life, your relationships, and help you make progress towards a positive future that includes not just better financial health, but better mental health as well.

3. Positive financial future

Bankruptcy can feel like a fresh start for many people. Removing the weight of credit card debt and the ability to use credit cards means that people have a much better handle on what it means to live within their means and prevent a future financial crisis. Most people who file for bankruptcy are required to take debt counseling classes, which can be a positive educational experience and help people restore their financial confidence. Having reduced debt and a solid budget can help people have much easier access to a stable, long-term financial future that can include re-building credit, buying property, investing, and saving for emergencies and retirement.

No matter your reasons for considering filing for debt relief, our office can help you handle the complicated business of bankruptcy. While the rules of bankruptcy might be consistent, but we know how different each person’s circumstances are, which is why we never offer overly simplified solutions.

We work directly with our clients and help to manage their individual and unique situations. If you’re ready for greater peace of mind and a path to increased financial stability, our team is ready to help. Get in touch today to start the process with our expert assistance.

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Five signs it might be time to call a bankruptcy lawyer

The truth about bankruptcy is that it can happen to anyone. There is always a reason for a bankruptcy filing, such as medical expenses, unexpected job loss, or a death in the family. And while it’s always a last resort in managing your finances, there are plenty of ways that bankruptcy can provide you with much-needed financial relief.

If you are struggling under the extreme burden of unmanageable debt, here are some of the signs it might be time to consider filing for bankruptcy.

Is a bankruptcy filing right for you?

Read through the following scenarios. Do any of them apply to your current situation? A trusted bankruptcy lawyer can help you navigate your way through the decisions ahead.

You’ve spent through your savings. This is a small warning sign and less of a red flag, but if you’ve spent through your savings, it might be time to consider your future financial position. Emergency savings are just that – for emergencies – so it makes sense that you might spend through them in the wake of a major life upheaval. But if you’ve spent all you’ve saved and the bills keep coming, you might be at risk for falling behind.

You’re living off your credit cards. Credit cards are a useful tool – not only can they help you earn airline miles and points for purchases, you can use them to build credit and bail yourself out of an emergency, like a car repair or vet visit. However, if you’re leaning exclusively on your credit cards to finance even the most basic of purchases, it could be a sign that you’re in over your head financially.

You can’t pay your mortgage or your rent. If you’re struggling to make payments on your home, you’re not alone. It’s not easy to decide between buying groceries or paying the mortgage, or filling the gas tank or filling your monthly prescription. Hard choices like this likely mean that your financial situation is tenuous and that your debt may be too burdensome.

Creditors won’t stop contacting you. A for-sure sign that your debt has become unmanageable is the constant pressure of the creditors who have been contracted to collect from you. Whether it’s notice after notice in the mail or phone calls from unidentified numbers multiple times a day, it’s stressful to feel harassed by creditors who are contacting you endlessly about unpaid debts you can’t afford right now.

You’re considering debt consolidation or loan restructuring. You might feel like you’ve run out of options when it comes to getting your debts in order. In many cases, debt consolidation programs and loan restructuring are good options for people with extreme debt who’ve suffered financial hardship, but they often mean you’ll be repaying your debt for years. Many people may not even qualify for the programs in the first place.

A qualified bankruptcy lawyer can provide solutions

If the burden of debt is affecting the quality of your life – in the form of lost sleep, family fights, and unending stress and anxiety – a law firm specializing in bankruptcy can help you find the best options for your situation.

Here at the Law Offices of Ryan E. Simpson, we know that financial hardship is rarely just a side effect of extreme irresponsibility – it’s not a simple matter of getting a latte habit under control. We know that unforeseen financial distress happens to the best of people and we work hard at helping you get your life back on track, the same way you work hard to earn your money.

Our team is here to help, not to force you into making hasty decisions. We understand the pressure and fear involved with filing for bankruptcy, but we’ve also seen the freedom and peace of mind that people have experienced when they’re debt-free and out of financial danger. You don’t have to go through finding freedom from debt alone – we can make the process easier and provide you with answers to your questions along the way.

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Considering a short sale?

A short sale is an alternative to foreclosure on a house, when a lender agrees to let the property be sold for less than what is owed on the mortgage. This is beneficial to lenders, such as mortgage companies and banks, because they can receive a portion of the debt back, as opposed to a foreclosure which can be time-consuming for banks and requires a commitment of maintaining the property through a resale.

It can also be beneficial for a seller. In the event that you’re not eligible for a loan modification and are struggling to make payments on your mortgage, you may want to negotiate the quick sale of your house.

Reasons to consider a short sale

It is not a foreclosure: This means that, while a short sale will show up on your credit report and impact your credit score, the damage is likely to be less than what a foreclosure would bring. People who sell this way are often able to apply for a new mortgage and buy another home after two years, while some buyers can get a Fannie Mae loan to buy a home after only 60 days, if their credit report shows no late payments over the past several months.

It can buy you some time: This process requires a lot of paperwork and a lot of waiting on the bank. With a short sale, you’re not waiting to be evicted, though. You’ve started a process that can take months. The bank has to agree to move forward with the sale and then approves a buyer offer. During this stage, you might have bought yourself some breathing room and some time to figure out what’s next – where you’ll move, researching storage solutions, and other elements of relocating. For many homeowners, this process can feel like taking back some control and feels more like a traditional sale than a foreclosure.

It may prevent bankruptcy: A foreclosure can end up costing homeowners thousands of dollars. If someone is already struggling to make payments or facing financial hardship, this additional debt can be the tipping point towards the relief of bankruptcy. A short sale isn’t a homeowner’s dream, but it can help your financial future and potentially help you prevent further adversity down the road.

Benefits of a short sale over foreclosure

Short sales can have major benefits over a foreclosure, but they’re certainly not risk-free. That’s why we work with sellers as short sale experts. While working with a lawyer might seem like one more house-selling hassle when you’re already working with a realtor and a bank during a stressful, uncertain, and expensive ordeal, it’s in a seller’s best interest to partner with an attorney to help answer questions about the legal elements of the process.

Buying and selling a home is, after all, a financial transaction as much as a legal one. Banks and realtors help to facilitate the financial part of the transaction, while lawyers can help answer any questions about the legalities, which can be very helpful with something as complicated as the sale of your house.

Sometimes a short sale is really an investment in your future, and we can help make sure that you have peace of mind throughout the process by helping to protect your other assets and protecting you against personal liability. If you owe more than your house is worth and are worried about or being threatened with foreclosure, get in touch with us today for a consultation.

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