5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About.

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1 Lewis Adams & Associates Utah Bankruptcy Attorneys Personal Reliable Professional (801) Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About.

2 5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About 2 Lewis Adams & Associates Utah Bankruptcy Attorneys Personal Reliable Professional (801) Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About. The decision to file for bankruptcy is a serious one, and not something that should be taken lightly. It is always in one s best interest to have the help of a well-qualified, and experienced attorney to help them get the very most out of this complex set of laws that are designed to preserve and protect an individual s or business s chance to reorganize or start over, and live and serve another day. The purpose of these questions is to help you select the right person to assist you in that effort. Information presented herein does not constitute legal advice or create a client attorney relationship. Be sure to always seek the advice of a competent attorney whenever you are considering taking legal action of any kind.

3 5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About 3 What most people don t know- is that while they must follow federal bankruptcy laws in order to receive a discharge under one of the United States Bankruptcy codes, every state has its own particular set of rules and regulations that govern exemptions, procedures, and outcomes that are left up to the states to define. That s why it s extremely important that you have someone that knows Utah law and how best to apply it to your situation. You don t want a California law firm or any other state firm for that matter handling your case. You want an experienced Utah attorney that s been around the block a few times and knows all the different nuances of what you must to do receive the best possible result when it comes to getting a proper discharge and fresh financial start through bankruptcy. Don t make the mistake of not realizing you have the right and obligation to choose the best attorney you can find to represent you and help you through this difficult time. When it s all over, you want to relax, knowing you did your very best get things done properly. While in no way comprehensive, the following 5 facts are not always understood by every attorney, and could have a dramatic impact on the outcome of your case. Fact Number 1 In Utah, if you file for chapter 7 bankruptcy and get a discharge on the obligation to pay the mortgage on your home so you are no longer legally obligated to do so, you may still be able to stay in your home if you make your payments. In other words, even though you are no longer legally liable for the debt, as long as you make your house payment, you may be able to stay in the home and not have to move. (Of course every situation is different. We would need to review your case to see how this might apply to you).

4 5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About 4 Fact Number 2 If you owe more on your house than it's worth, and you have a second mortgage, in some situations the 2nd loan can be classified as an unsecured debt, and can be stripped from the home, leaving a more affordable mortgage situation. Things are changing really fast when it comes to mortgage law, rules governing lenders and servicers so you need to check with a competent attorney regarding your particular situation. But if the 2 nd loan is stripped from the home, it no longer is collateralized by the house. This means you may end up with a house after bankruptcy that is no longer underwater. Some federal programs and rules are now contemplating the encouragement or even mandate of principal reduction, but as of this writing one of the only real ways to get 2 nd mortgages removed from a property is through this process called lien stripping. (Of course every situation is different. We would need to review your case to see how this might apply to you). Fact Number 3 A bankruptcy is probably the most powerful tool there is to instantly stop the foreclosure sale of a home. The timing of when you use this tool is just as important as using the tool itself. It can mean all the difference in whether or not you keep your home, Especially if you are trying to get a loan modification and need time to prepare your situation so you will qualify. Like an ace in the hole, you may want to wait until just the right time to play this card. Whether you like it characterized this way or not, it s true. You should sit down with a good attorney and make a plan as to how and when it would be best to use the law to accomplish your objective. That s one of the reason s it s there. (Of course everyone s situation is different. We would need to review your case to see how this would apply to you.)

5 5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About 5 Fact Number 4 I've seen clients have a better credit score and better access to credit not too long AFTER their bankruptcy was finished than they had BEFORE they filed. One reason is that creditors know you can't file again for 8 years after a chapter 7 discharge and after 6 years for a Chapter 13. So you'll want to be prudent when considering new debt. Just because you CAN get it doesn't mean you should. A better credit score can be an unexpected benefit of a bankruptcy discharge. And even thought a good credit score can help when it comes time to get insurance, a home loan, a job and a whole host of other things, it doesn t necessarily mean that it should be used to acquire more debt. A fresh financial start is just that: A chance to move onward and upward in all things. Use it to do just that. (Of course everyone s situation is different. We would need to review your case to see how this would apply to you.) Fact Number 5 In a Utah bankruptcy, each spouse can claim a $20,000 exemption for equity in their home. This means that if there is determined by the Trustee to be less than $40,000 equity in the home for a married couple, the court will have no interest in selling the home to get the equity out to pay creditors. The figure can be even higher when the costs of selling are factored in. Most people get to keep what they have. Only in rare circumstances when there is so much equity in something that it will provide a good amount to creditors after being sold in a fire sale situation AND cover the cost of selling it, are things required to be liquidated. You ll want to work with a sharp attorney that can help you structure your case in such a way that is fair to your creditors but protects you and your ability to protect and provide for yourself and or your family most of all. Summary This information in this report is by no means comprehensive as to all the issues and questions you ll need answers to regarding federal bankruptcy laws and debt relief in Utah. The purpose of this report is to bring to your attention the fact that all bankruptcy attorney s are not created equal. Just because they say they practice law in the area of bankruptcy, doesn t mean they are the person you should trust your case too. Talk to as many attorneys as you need to, to feel good about who you hire for this job. It will make all the difference in how well your case is handled and how you are treated throughout the process. We wish you the best of luck in this difficult situation. Come see us anytime. We re happy to talk.

6 5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About 6. Lewis Adams & Assocates is a Utah Bankruptcy Firm that helps individuals get their life back through bankruptcy laws after a financial setback or other life event has created a situation from which they might not otherwise recover. Call for a free consultation any time.