Can I File Bankruptcy Without My Spouse?

Frequently clients need to file for bankruptcy, but want to do so without his or her spouse being affected.  That raises the questions: Can a married person file bankruptcy alone? How is the non-filing spouse impacted when their spouse files bankruptcy alone? Read more

Does Filing for Bankruptcy in Salt Lake mean You’re Dishonest or Unethical?

One of the most common concerns or misconceptions that clients express in one form or another is an insecurity that if they file bankruptcy that makes them somehow unethical or dishonest.  While there may be a small minority of people who intentionally abuse the bankruptcy system, it is my overwhelming experience that people filing bankruptcy are honest, hard-working and upstanding people.  The fact is that every society has some system to deal with honest and hard-working people who are experiencing extreme financial hardship. Read more

Capstone Law Opens Office in Lehi

Located in the heart of Utah County, the bankruptcy law firm of Capstone Law has opened an office in Lehi, Utah.  The opening extends Capstone Law’s physical presence into Utah County.Capstone Law has long served Utah County residents with chapter 7 and chapter 13 online bankruptcy services.  Now Utah County residents can chose to either have an “online” or a physical experience in working withCapstone Law. Read more

What is Chapter 13 “Cram-down”?

Chapter 13 bankruptcy in Utah County is a consolidation of debt and a partial repayment over a period of three to five years, based on the debtor’s ability to pay. Sections 1322 and 506 of the bankruptcy code permits bankruptcy courts to reduce the balance or “cram-down” unsecured debt. This essentially converts property that is secured (collateral is attached to the loan like a home, automobile, or other property) to unsecured debt.  Because unsecured debt is paid last in a chapter 13 plan, this often means the creditor receives little or no payout during the chapter 13 plan for the unsecured portion.  Debts that are not fully repaid during the chapter 13 plan are then discharged. Read more

What Are The Different Chapters of Bankruptcy?

Most people are unaware that there are four chapters of bankruptcy that a person can file. What are the different chapters of bankruptcy? We will provide an overview of the different chapters of bankruptcy.

There are four primary chapters in bankruptcy–chapter 7, chapter 11, chapter 12, and chapter 13.  Each chapter is designed to satisfy different needs and has different qualifications.  This article will provide a basic overview of each chapter of bankruptcy.  More emphasis will be given to chapter 7 and chapter 13 bankruptcies as these are the most common for individuals. Read more

Will I Lose All My Property If I File Bankruptcy?

Naturally, one of the most frequently posed questions by our prospective Salt Lake bankruptcy clients is: Will I lose all of my property if I file for bankruptcy?  The simple answer is a resounding NO! Read more

What Should I expect in My Chapter 7 Bankruptcy?

So you’ve decided that you need to file a Utah chapter 7 bankruptcy and you’re wondering: What Should I Expect in my Chapter 7 Bankruptcy? Here’s an overview to answer that question.

When Will I Go To Court?
You won’t, unless something really unusual happens in your case.  Most Utah chapter 7 bankruptcies never have any hearings or appearances with the Utah bankruptcy court.  A bankruptcy judge will be assigned to your case, but usually the only interaction you will formally have with your bankruptcy is a meeting called a meeting of creditors and the judge will not be present.  Your bankruptcy attorney will likely refer to the meeting as a 341 meeting. Read more

Stop the Student Loan Debt Bomb with A Bankruptcy Amendment

All Americans have felt the worst economic downturn in American history, since the Great Depression.  The affects and repercussions are still being diagnosed, assessed and measured.  The damage induced by the Wall Street housing bubble is far more widespread than a weak housing market, negative equity, or high unemployment rates. Read more

Dealing with Mortgage or Home Foreclosure

Are You Dealing With a Mortgage or Home Foreclosure?

I have just received noticed that my lender is beginning foreclosure of my home.  What should I do? What are my options?  In the current economic downturn and foreclosure crises, the preceding scenario is all too common.  Realize that if you find yourself in this situation you are in good company.  In the month of December 2011, one in every 548 homes in the state of Utah received a foreclosure filing—in that month alone.  We find that may people do not understand the foreclosure process and are generally unaware of what options are available to assist struggling families.  We provide answers to some common questions and a few options. Read more

Stop The Decline of Home-Ownership: A Bankruptcy Amendment Needed

Since 2008 the U.S. real estate market has dogged our economic stability. The so-called Great Recession was largely caused by failed exotic mortgages fueled by mortgage-backed securities that created a false value of real estate. Years later, Americans continue to struggle with the resultant negative equity in their homes. Due to foreclosures of many of these doomed properties, home ownership is now the lowest since the great depression. The current low percentage of home-ownership should sound an alarm to American society. Home-ownership, after all, is the bedrock of the American Dream and fuels our economic stability. Yet, the current bankruptcy code is designed to further erode home-ownership.

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