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A Very Personal Bankruptcy
from:Filing a personal bankruptcy is a major decision and one that only you can make. It’s no secret that it can have long term consequences on your credit. But the question to ask yourself is whether those consequences are better or worse than the consequences of debt spiraling out of control. It doesn’t take long for people to discover that debt only gets worse when ignored.
A personal bankruptcy is called “personal”, because it applies to an individual and not a business. It’s also very personal, because the bankruptcy is structured to meet your particular circumstances. But having said that it’s also necessary to recognize that there are specific laws that define bankruptcies in terms of what’s allowed and not allowed. For personal bankruptcies, you can file a chapter 7 for liquidation or a chapter 13 for a repayment plan.
A personal bankruptcy can do some things to help people deal with their debt, but there are other things outside its realm of control according to law. For example, a personal bankruptcy cannot erase all types of debt. These debts include child support, court ordered payments and criminal fines. The attorney will negotiate with the IRS to determine which tax debts can be eliminated. Also, any debt you create after the bankruptcy is not grandfathered into the order. On top of that, a creditor can make you give up any collateral you used to secure debt instead of just accepting payments.
The good news is that a personal bankruptcy can do lots of great things to make your life easier and give you a new start. Excessive debt feels like you’re carrying hundreds of pounds around on your shoulders all the time. Filing a bankruptcy takes most of that weight off.
There are plenty of good results you will experience as a result of filing bankruptcy. One of the best is the fact that most of your debts are discharged. That means you no longer have the debt and don’t have to pay it. A bankruptcy can prevent your house or car from being taken in a foreclosure or repossession. If you waited to file long enough to have your utilities turned off, they will probably be restored. There are other benefits too, and it is the job of your attorney to make sure you get the most financial relief allowed by the law.
Filing a bankruptcy can actually help your credit if your credit is already virtually ruined. That’s because a personal bankruptcy wipes out the debt you owe and lets you start again with a clean slate. If you work and save money and make timely payments on remaining debts, in all likelihood you will be able to begin rebuilding your credit within a few months of the final bankruptcy discharge.
A personal bankruptcy can remain on your credit history for 10 years. You cannot file another bankruptcy for 4 years on a chapter 7 and for 8 years on a chapter 13. Filing a bankruptcy is a long term decision with near term benefits. A bankruptcy attorney can help you start over again with a new financial life.
Utah Bankruptcy News
Utah developer Terry Diehl has initial bankruptcy hearing
Chapter 11 » He claims he owes creditors $47.5M. At his first hearing following his bankruptcy filing, Salt Lake County developer and political deal-maker Terry Diehl said he filed for Chapter 11 bankruptcy on March 30 because he was about to lose his homes in Utah and Coronado, Calif.
Read more...Utah Senator Forced to 'Short Sell' His House
The nation's housing crisis has hit another member of Congress. Utah Sen. Mike Lee was forced to sell his home in a short sale , resulting in a $400,000 loss, The Salt Lake Tribune reports.
Read more...Candidates for Utah attorney general come out swinging
Candidates for Utah attorney general come out swinging By David Montero The Salt Lake Tribune Published May 19, 2012 09:02PM MDT Heber • The first debate between John Swallow and Sean Reyes was supposed to be Lincoln-Douglas style. Instead, it sometimes looked more like a Pacquiao-Mayweather boxing match. For about 45 minutes at the Wasatch High School auditorium, the two Republican candidates ...
Read more...Utah attorney general candidates come out swinging
Utah attorney general candidates come out swinging By David Montero The Salt Lake Tribune Published May 19, 2012 04:59PM MDT Heber • The first debate between John Swallow and Sean Reyes was supposed to be Lincoln-Douglas style. Instead, it sometimes looked more like a Pacquiao-Mayweather boxing match. For about 45 minutes at the Wasatch High School auditorium, the two Republican candidates for ...
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Wolf Creek Utah, a resort in this Weber County town that's existed for decades in various forms, is for sale.
Read more...Cities seek more money from tax-exempt colleges
Wary of tax increases, weary of layoffs and determined to avoid bankruptcy, Providence Mayor Angel Taveras had only to gaze up at his city's Ivy League campus to see a way out of the morass.
Read more...Wolf Creek Resort going up for auction
It is one of northern Utah's scenic gems, just minutes from downtown Ogden, and it's for sale.
Read more...Advantage CCS is Proud to Offer a Telephone Bankruptcy Education Class for Consumers in Need of a Pre-Discharge ...
Consumers that need to take a pre-discharge bankruptcy education class to fulfill a requirement of the Federal Bankruptcy Law, can now do so through a telephone class offered by Advantage Consumer Credit Counseling Service, Inc. in all 50 states; excluding Alabama, North Carolina and Oregon.Pittsburgh, PA (PRWEB) May 21, 2012 Advantage CCS is excited to announce a new telephone service that will ...
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