Entries by Russ Weekes

What Happens to Rental Property in Bankruptcy

One of the most important concerns many of our clients have is how bankruptcy will impact their lease on an apartment of home.  This concern arises in one of two scenarios: (1) the client-debtor has arrearages and is filing bankruptcy, at least in part, to avoid paying the past-due rent and perhaps avoid immediate eviction; […]

When Can I Buy A Home After Bankruptcy

When Can I Buy A Home After Bankruptcy and Foreclosure? I was speaking with a friend the other day who about a year ago short sold a home following a job loss and related struggles. She had a short-sale and wanted to know when she could buy a home after bankruptcy and foreclosure or a […]

Should I Sign A Reaffirmation Agreement

What Is a Reaffirmation Agreement? A reaffirmation agreement is an agreement by which the debtor agrees to remain personally liable for a debt post-bankruptcy.   A reaffirmation agreement essentially eliminates the benefit of filing for bankruptcy for that one specific debt.  Because reaffirming a debt undermines the most basic benefit of filing for bankruptcy, we generally discourage […]

Why Is Bankruptcy A Constitutional Principle?

Ever wondered why is bankruptcy a Constitutional Principle? The United States constitution has only 4,400 words. It is the oldest and shortest written Constitution of any major government in the world. Article 1, Section 8 of the constitution grants Congress the power “To establish…uniform Laws on the subject of Bankruptcies throughout the United States.” The […]

What Happens After You File Chapter 13?

Once a chapter 13 bankruptcy case is filed, the automatic stay prevents creditors from legally foreclosing, garnishing, repossessing or collecting against the debtor or any individual joint debtors. As part of the chapter 13 filing, the debtor proposes a chapter 13 plan (“Plan”) to reorganize their finances.  The Plan will contain provisions to deal with […]

Increases to Utah Bankruptcy Exemptions

Keep More Property in Bankruptcy The Utah legislature amended the Utah bankruptcy exemptions  in 2013.  Bankruptcy exemptions are the laws that protect property from liquidation in bankruptcy.  Since Utah has opted out of the federal bankruptcy exemptions, the Utah amendments means that bankruptcy filers can now keep more property when filing in Utah.  The new […]