Articles from Utah Bankruptcy Guide

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What Happens to My Tax Debt in Bankruptcy?

Submitted by Anonymous (not verified) on Thu, 01/03/2013 - 22:48

It is not uncommon for a bankruptcy filer to have outstanding state or federal tax debt.  As is commonly known, tax debt is not dischargeable through either chapter 7 or chapter 13 bankruptcy.  In a chapter 13 case (at least in Utah), the bankruptcy filer will have to pay all of the outstanding tax debt through the 3-5 year plan.  Since there is no repayment plan in a chapter 7, filers under this chapter will need to work with the State or the IRS to arrange a payment plan or negotiation either before or after the bankruptcy.  Since tax debt is priority debt, if there is money that comes ou

DO I HAVE TO GO TO COURT IF I FILE BANKRUPTCY?

Submitted by Anonymous (not verified) on Tue, 12/11/2012 - 23:44

Normally, you can file bankruptcy without ever stepping in a court room.  Without question you will have to attend a meeting with the bankruptcy trustee, but this isn't a court proceeding and no judgments can be made at this meeting.  Everyone who files bankruptcy, whether chapter 7 or chapter 13, has to attend this meeting with his or her attorney.  It is simply a chance for the trustee to ask you a few questions under oath regarding the truthfulness of your bankruptcy paperwork.  For chapter 13 filers, a confirmation hearing with the judge is scheduled to occur about a month after the tru

How do Bankruptcy Attorneys get Paid?

Submitted by Anonymous (not verified) on Fri, 12/07/2012 - 20:26

Bankruptcy attorneys most often charge an up-front, flat fee.  In fact, it may even be unlawful for a bankruptcy attorney to collect money from you after the filing of the bankruptcy since even the bankruptcy attorney can be forbidden by the bankruptcy to collect on monies owed once the case is filed.  It is common for bankruptcy filers to get help with the cost from friends or family, or to to save up for the cost by stopping payments on debts that will soon be eliminated through the bankruptcy.  It is also common for bankruptcy filers to use their tax refund money to pay for the bankruptc

Will I Lose My Retirement or 401k Account in Bankruptcy?

Submitted by Anonymous (not verified) on Fri, 12/07/2012 - 20:20

If you file bankruptcy in Utah, you will not lose your retirement or 401k account in bankruptcy.  Retirement accounts are exempt from liquidation under Utah's exemption law, which means that the bankruptcy trustee may not take that money from you.  However, you should not try to deposit a large amount of money into your retirement account before filing, since it is possible for a trustee to take that amount.  Be sure to consult a bankruptcy attorney before putting in or taking out money from your retirement account prior to filing for bankruptcy.Adam Brown is a bankruptcy attorney for Dexte

Can I Use My Tax Refund To File Bankruptcy?

Submitted by Anonymous (not verified) on Thu, 11/29/2012 - 21:40

I am frequently asked whether or not you have to surrender your tax refund if you file for bankruptcy.  While that topic is addressed in a different post, the popular and appropriate follow-up question is what to do with the refund once it is received.  Though you have to be careful if you spend large amounts of money prior to filing bankruptcy (you don't want to give out a gift or pay back a family member or friend), the court understands that you have to pay an attorney to file your bankruptcy

All About Credit Scores (from the FTC)

Submitted by Anonymous (not verified) on Tue, 11/20/2012 - 19:30

Here is a good article about credit scores.Adam Brown is a bankruptcy attorney for Dexter & Dexter, a debt relief agency helping people file for bankruptcy.

BANKRUPTCY VS. BAILOUT IN THE AUTO INDUSTRY

Submitted by Anonymous (not verified) on Fri, 11/16/2012 - 18:25

Guest Post by Ashley Bertoldo, student at Brigham Young University

What Happens to RC Willey in Bankruptcy?

Submitted by Anonymous (not verified) on Wed, 10/17/2012 - 23:45

RC Willey is a very common creditor of bankruptcy filers. However, RC Willey is not your common unsecured creditor. Rather, RC Willey is a secured creditor, like the lien holder on your car or home. As a secured creditor, RC Willey has the right to repossess the collateral (the items you purchased) if you stop making payments, even if you have filed bankruptcy. RC Willey is often the only creditor to show up to the 341 meeting of creditors with the bankruptcy trustee.

What to Ask an Attorney Before Hiring

Submitted by Anonymous (not verified) on Fri, 10/12/2012 - 22:07

You need an attorney and you have scheduled initial consultations with multiple attorneys. What questions should you ask him/her to find out which attorney to choose?  I recommend the following:

  • What do your clients like most about you?
    • This question allows the attorney to highlight his strengths. By asking what his clients think of him rather than what he thinks of himself, he is more likely to answer candidly.
  • Do you prefer email or phone calls?

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