One common myth about personal bankruptcy is that people who file must give up most or all of their personal property and try to start over. In fact, those who file for bankruptcy protection in Utah are allowed numerous exemptions ranging from equity in a home to a motor vehicle, qualified retirement accounts, government benefits and more.
Whether your focus is on stopping home foreclosure, eliminating unsecured debts, protecting against vehicle repossession and wage garnishment, or all of these, we encourage you to contact us today. Our efforts have saved homes in the days and hours just before a scheduled sale.
Our experience has proven that, provided your home has not yet been sold, it is not too late to take action to stop or delay foreclosure. Although you may have more options the sooner you contact a lawyer, our efforts have saved homes in the days and hours just before a scheduled sale.
The most critical question when considering if the right solution is Chapter 7 or Chapter 13 bankruptcy is “What property can I keep?” While relevant bankruptcy exemptions differ according to individual circumstances, some important general considerations include:
You can likely protect all your retirement savings because Utah bankruptcy exemptions cover qualified 401(K) plans, IRAs, public pensions and certain other such assets.
People file bankruptcy for other reasons than job loss and other major financial setbacks. Many people across Utah able to continue earning steady, substantial income are facing home foreclosure and other serious financial problems. Filing Chapter 13 “wage earner” or “reorganization” bankruptcy may be part of the solution if this describes your situation.
Chapter 13 bankruptcy filings enable many people to protect critical assets and regain financial stability. Chapter 13 provides some of the same very important benefits as Chapter 7 bankruptcy, such as an automatic stay that ends creditor harassment and prevents judgments and wage garnishments.
Our attorneys bring extensive real estate and financial knowledge to each client’s unique situation. Even if the sale of your home is rapidly approaching we can help you look at all foreclosure defense and banlruptcy options if your main goal is saving your home. You need a Utah debt resolution attorney you can talk to freely and trust to consider all the angles and offer sound guidance about bankruptcy. At JLJ Law Group, we want to help you make the right decisions to get your life back on track.