A common concern for debtors that are considering filing for bankruptcy is whether or not they are going to lose their vehicle if they file a bankruptcy.  The answer to this question depends on several factors so it would be in your best interest, if this is a concern of yours, to consult a bankruptcy [...]

It’s that time again. Time to explain why filing personal bankruptcy can provide enormous tax savings.

In re Casey Marie Anthony, Bankr. M.D. Fla., Case No. 8:13-bk-00922-KRM
Although this blog typically focuses on Michigan bankruptcy cases, last week’s Chapter 7 filing by Casey Anthony raises interesting questions about the impact of bankruptcy on public figures.

In a typical bankruptcy case, you are never going to see a judge.  In a chapter 7, you’re going to see a bankruptcy trustee.  The trustee is a person appointed by the bankruptcy court to administer your case.  The trustee wants to make sure that you are listing all your assets and all your liabilities and you are answering truthful questions to the statement of financial affairs.  The trustee’s job is to see if there are any nonexempt assets that can be taken, sold and administered for the benefit of your creditors.

You are not going to go to jail if you file for bankruptcy.  In fact, bankruptcy is a great way to get a fresh start, eliminate debts such as credit card bills, medical bills, personal loans and other types of unsecured debt.  There’s nothing to be ashamed about in filing for bankruptcy.  Bankruptcy is a federal right granted to you in the Constitution for being allowed to either reorganize your debt or get a fresh start.  If you do not file for bankruptcy and you bury your head in the sand and ignore your creditors, then there is a chance that you might have to go to court.  If you are sue

Many times licenses are suspended for parking tickets, for child support, for driving without insurance.  These suspensions can be lifted during a Chapter 13 bankruptcy, during the 110 days of your case.  Now, this is not a lot of time to repay the debt; however, it does unfreeze the suspension, give you the opportunity to drive and an opportunity to work out some type of installment payment plan prior to your case coming to a conclusion.

Utah has its own foreclosure process.  A helpful link is Utah Foreclosure Help which contains a lot of helpful information about foreclosure and assistance scams.  In summary, it takes about 200 days from the time you make your last house payment until the time your lender can foreclose or sell your property.  After 90 days of missed payments, the lender can file a NOD or Notice of Default.  This is public record as it is recorded at the County Recorder's office.  You then have 90 days after t

Fannie To Allow Walkaways by On-Time Borrowers: Mortgages – Bloomberg.
Exciting news if you have a Fannie Mae or Freddie Mac insured loan.  With the upcoming changes, you may be able to walk away from a home that is underwater without owing a deficiency to the mortgage company and without going into foreclosure.

Fannie To Allow Walkaways by On-Time Borrowers: Mortgages – Bloomberg.
Exciting news if you have a Fannie Mae or Freddie Mac insured loan.  With the upcoming changes, you may be able to walk away from a home that is underwater without owing a deficiency to the mortgage company and without going into foreclosure.

If you are only three months behind on the mortgage, you have plenty of time and plenty of opportunity to save your home.  You can save your home through non-bankruptcy measures, provided that you can work a payment plan or a repayment plan with your mortgage company for the amount you fell behind.