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Guardian Law Group PLLC
C. David Hester
999 Murray Holladay Dr, Suite 109
Salt Lake City, UT 84045
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Guardian Law Group PLLC
Answers
Can I still put a stop to bankruptcy?
You can withdraw your petition.
Do I have to appear before a judge when filing for bankruptcy?
Rarely will you ever need to meet with the judge.
Is it better to file chapter 7 over chapter 13 or vice versa?
Each person situation is different. If you qualify for the means test and don't have a bunch of nonexempt property that you are trying to keep, then typically Chapter 7 is the best fit. But you should really speak with an attorney.
Is it wiser to go for credit card debt settlement than filing for bankruptcy?
For some it is a better option but not for others. Each persons circumstances is different. Consult with an attorney to weigh the options.
Is there a way to reduce the fees and costs for bankruptcy?
You must be domiciled in the state you file in for the previous 180 days, this prevents forum shopping. The court costs remain the same but attorneys fees will vary as will each states exemptions.
What is the difference between priority debts, secured debts and unsecured debts?
Most unsecured debts will be discharged, most priority unsecured debts will not (student loans, tax debts, etc) and with unsecured debts you will choose if you want to keep them and reaffirm, surrender, or in some cases, such as real estate, retain and continue to pay.
How do I get a FHA loan 5 years after bankrupcy?
You should be able to. Go ahead and apply.
Can I cancel my bank account before the creditors take my money?
No, if there is no money in the accounts they can't make you put it back. Further,they can only get at your bank accounts if they have a judgment. *Unless you owe money to the bank that has your accounts. They may have language in their contracts that allow them to seize funds in your checking/savings if you become delinquent on a debt to them.
If I file for bankruptcy can I still use my credit cards?
Once you file all credit cards will be immediately closed. You need to stop using them and start working on a cash/debit basis and living within a budget (remember that you will not be paying on those unsecured debts).
Can I leave the country if I am filing for bankruptcy?
You can but you must attend your 341 hearing or your case will be dismissed.
Can I get my bankruptcy removed from my credit report?
That is not true. Bankruptcies can only remain and be reported for 10 years. The credit reporting agency must remove it.
Why is the bank still calling me if I am filing a chapter 7 bankruptcy?
Refer them to your attorney. There is an automatic stay for all debts in a bankruptcy and unless they have filed a motion and received an order to lift the automatic stay they are in violation of federal law.
Can I keep my bankruptcy petition private?
Bankruptcy is a matter of public record, so you cannot keep it private. But your creditor should not be contacting any family member regarding your debt and if they are contacting anyone after you have filed they are in violation of numerous federal laws.
Is there anything I can do if a creditor files bankruptcy for me?
That doesn't make any sense. Your creditor cannot file a bankruptcy against you. If they file bankruptcy then that debt becomes part of their estate and the trustee may attempt collection (or hire outside entity to do so). You can notify the creditor in writing that you do nwant them to contact you anymore unless they are moving forward with legal action. If they continue they are in violation of the fair debt collection practices act.
What happens if I can't afford to pay for a bankruptfcy file?
You can setup payment plans for both legal fees (depending on the attorney) and for the filing fee.
Will I be able to take out a loan if I have debt?
You just outlined two of your options. Each lender has their own requirements to grant credit and you won't know what they are unless you ask them. Locate some dealers and go in and talk to them about financing. Keep the vehicle inexpensive and you will have more luck.
How can I file for bankruptcy if I am out of the country?
He can help you prepare but you must first meet the domicile requirements.
Is it legal for my credit card companies to still send me bills while I am filing for bankruptcy?
Until you actually file they can continue their collection activities.
What happens to my home in a bankruptcy if it has shared ownership?
No but he may have other consequences such as seizing the asset and sale if there is excess equity in it.
Will filing for bankruptcy delay the foreclosure process?
It will place an automatic stay on all collection activities. But you will need to state your intentions with the house and the mortgage compamny will likely file a motion to lift the auto stay to proceed with the foreclosure but it will buy you about 2 months.
What should I do if my bankruptcy file keeps getting dismissed?
There must be reasons why it is being dismissed. Seek counsel from an attorney that can determine what is the problem and fix it.
How can I improve my credit score after a bankruptcy?
Yes if you are responsible and build your credit following a bankrutpcy its possible to build a mid 600 score in 2 years or less.
Will all of my assets be liquidated in a chapter 7 bankruptcy?
Sounds like you have been misinformed. Most assets would be exempt, which means you would retain them. Most home furnishings would stay but some jewelry, guns, recreational vehicles may be subject to the trustee powers. You would definitely want to do a Chapter 7 NOT a 13.
If my car has already been paid off can I still lose it in a bankruptcy?
It would not be repossessed but you are only entitled to have $2500 in equity in a vehicle under Utah exemption laws. Therefore if your car is worth more than the $2500 the trustee may require that you purchase the remaining equity (pay money to trustee) or if you are unable or unwilling they can take the vehicle and sell it at auction and any amount over the $2500 would be retained by trustee for the benefit of all creditors.
What happens if I can't meet the repayment plan in a chapter 13 bankruptcy?
You could wait and see and file a chapter 7 instead.
If I file for bankruptcy will I be responsible for my spouse's debts?
Not so long as everything that is in her name remains current and up to date.
How can I avoid being sued for foreclosure after bankruptcy?
Did you reaffirm the house in bankruptcy? If not then you have no liability and should be able to walk away from the home.
Can you help me stop the garnishment or lower it by filing the proper paper work?
Did you file the questionaire which preceded the garnishment? Your primary option is either a bankruptcy or contacting the garnishing party and try to work out a different payment arrangements. By law a party is legally able to garnish30 x minimum wage (weekly) up to 25 % of your income.
Should I file bankruptcy if I might get an inheritance?
Something that may or may not happen in the future is not currently part of your estate so you should be fine to file now.
What happens if we are separated while we file for bankrutpcy?
Yes, you would file as married filing jointly but in the the income and expenses section you would list that you maintain seperate households.
What happens if I file for bankruptcy and my wife's credit score goes down?
If you are filing individually for bankruptcy and your wife is joint on some accounts, her credit should be unaffected. Your liability will be terminated but hers will remain and she will need to pay those debts or it will drop her credit score.
Can I back out of a bankruptcy file once I start it?
You can withdraw your petition.
If I file for bankruptcy will I be denied my student grant?
It shouldn't, grants are based on need not credit score.
Will filing bankruptcy get me in trouble with the collection agency?
Nofiling bankruptcy will actually protect you from this creditor. Additionally it sounds like you may have claims against this collection company for violations of the Federal Fair Debt Collections Practices Act.
How do I file bankruptcy if my parent's name is on some of my loans?
You can file bankruptcy but he will get notice of it and he will still be liable on the loans and would have to make the payments(or you still make the payments even though you are not legally required to do so).
What happens if I have a job and file for a chapter 7 bankruptcy?
NO! You can and should keep your job. Unless you make too much money to file a Chapter 7 then you can file a Chapter 13, but neither would require you to quit your job.
What happens if a bankruptcy trustee does not let me keep any assets exempt?
You can keep the assets that are legally exempt for the trustee. This would be $2500 in equity of one vehicle, $20,000 in equity in a home, most home furnishings, and $3500 in tools of your trade, 401(k), IRA's, and soem others. If the assets are not exempt then the trustee can and will take them if they have some value.
Can I file for bankruptcy if I am helping my son with his business?
You can try to remove your name from them, but often if they relied on your credit to establish they will not voluntarily remove it. But in a bankruptcy your liability and name will be removed from the accounts. This may cause the creditor to cancel or limit his line of credit but often they don't if the bill is current.
How long after bankruptcy will I be able to open up another credit card?
Within months you will have many offers. But remember that you are getting a fresh start and don't want to put yourself right back in the same situtation. You want to rebuild credit not get buried in it again.
Is there such thing as a medical bankruptcy?
No there is no such thing technically. This is a term that if used when the primary reason you need to file bankruptcy is because of medical bills rather than other unsecured debt.
Do creditors actually show up in bankruptcy court?
No you must attend your creditor meeting and very few ever show up. Usually just RC Willey and a few other furniture places.
Will my son's bankruptcy file affect me if my name is on a loan?
You can't regarding that debt. He can file and have his liability removed, but you will still be liable. I would suggest if he is keeping car, that he continue to pay on it and if he isn't you need to take possession and either redeem it, or sell it and pay off loan.
Should I close my bank account before filing for bankruptcy?
Only if you owe money to the bank could it be frozen by the bank.
Will my bankruptcy affect my fiances credit if we move in together?
No it will not effect his credit but if you are listed as an owner on the home when you file bankruptcy it will be an asset in your name and become part of your estate. DO NOT place it in your name if you are considering bankruptcy. Do your bankruptcy and in the future after you are married then you can add your name if you really want to.
Can I transfer my property to someone else if I am filing for bankruptcy?
No that is not legal it would be considered bankruptcy fraud. Some transfers they look back just 90 days others up to 10 years.
Is it possible to get a bankruptcy removed from my credit report?
It will remain for 10 years unless it cannot be verified, then it must be removed. Your children should be able to get their education loans without your involvement, unless they are getting private student loans then they may need your involvement, in that case if its on your credit report it will have some effect, the extent of which may be small or large depending on how recent the bankruptcy was and your ability to rebuilt it following the bankruptcy.
What can I do if I think my creditor is demanding more money than is owed?
You can verify this without bankruptcy by writing them a letter and demanding it. If you file bankruptcy then you can just use the amounts they have provided. It won't really matter the balance if you are filing a Chapter 7 unless you are referring to a secured debt.
Is it possible to reduce my monthly payments to creditors during a bankruptcy?
That sounds like you are describing a Chapter 13 bankruptcy. You may be eligible for a Chapter 7 which would remove all unsecured debts (and their payments) and you decide what secured debts you want to continue with.
Can I file for bankruptcy if I don't have a lot of debt?
You can file for bankruptcy at any time as long as you qualify. Bankruptcy may or may not be the answer for you.
What is the best chapter of personal bankruptcy?
It depends on how money you make and what assets you have. Chapter 7 is a straight discharge in which all your unsecured debts are relieved and you make a choice on how to handle each of your secured creditors. This is usually the best unless you either make too much (don't qualify under the means test) or you have non-exempt assets that you desire to keep, such as a second home, land, gun collection,or other valuable non-exempt property. Chapter 13 is a restructuring of your debt that you then arrange to make payment's on over at least a3 year time period. You would use this if you didn't qualify for a Chapter 7.
What happens after my bankruptcy file is denied?
You would likely qualify for a chapter 7 now.
Can I file for bankruptcy at the same time as my spouse?
File jointly. You will still need to state whose debts are whose, but you avoid multiple cases, filing fees and legal fees.
If I file for bankruptcy, will I be eligible for a student loan?
This should not change your elligibility for federal student loans but it may prevent private student loans.
Can I include my wife's medical bills in my bankruptcy file?
You would include them as a family debt which would extinguish your liability but not your wifes, in order to do that, she would also need to file.
Should I file bankruptcy too?
Yes, you should file bankruptcy.
What should I do if I have been contacted by my creditors?
Tell them not to contact you anymore. Get their information, and DO NOT PAY IT! If you make any payment on it then it restarts the credit reporting time period.
How can I find out who the trustee is in a bankruptcy case?
You can always simply contact the court clerk and ask.
How long will I be able to stay in my home if I file for bankruptcy?
You will be notified. Once notified you will have 90 days to bring current. You can add more time by then filing for bankruptcy which will add another 2-3 months. You can also preemptively try to obtain a loan modification which may also place it on hold.
Can I file for a bankruptcy myself?
Yes but it is difficult and has a much higher chance of being dismissed because you may miss something. You can always represent yourself in any legal matter, it just isn't advisable.
Will my son lose his financial aid from school if I file for bankruptcy?
Check with the school. If you have co-signed for private school loans, it may be possible but do not believe it will effect him if they are federally backed student loans
If I file for a chapter 7 bankruptcy, will all my assets be liquidated?
That is very doubtful. You have exemptions in most household furniture and appliances. Up to $20,000 in equity in your home and $2500 in equity in a vehicle. So unless you have a lot of non-exempt property they will not liquidate your assets.
What is a reaffirmation agreement in a bankruptcy?
Only sign if you want to reaffirm the loan. This means you are bound by the original terms of hte loan despite the bankruptcy. This isn't usually a good thing unless its something that you know know matter what you want, can pay for and are not upside down in.
What type of bankruptcy is best if I am living on a small fixed income?
Probably a chapter 7 unless you have non-exempt assets that you want to keep such as second homes, (or alot of equity in a primary residence), vehicles, land etc.
Can a student loan lender garnish your wages after filing for bankruptcy?
There is nothing to garnish if you don't have a source of income.
Will I be able to get student loans after I file for bankruptcy?
Credit is not a factor in student loans unless you are trying to get private loans. Check with the lender.
What happens to my tax refund when I file for bankruptcy?
If you are owed money the trustee can ask for it.
Can I file for bankruptcy without an attorney?
Yes you can file on your own or "Pro Se". It is much more difficult and you are likely to have significant errors, but its possible.
What will I lose if I file bankruptcy?
You have $20,000 per spouse in equity exemptions for your home and $2,500 per souse for vehicle in equity. Most of your personal property furniture is exempt, jewelry and guns and recreational vehicles are not exempt.
Is it possible for my bankruptcy discharge to be revoked?
No in fact if creditors are still coming after you for discharged debtsthey are violating federal laws and could be sanctioned heavily.
What should I do if my attorney is not helping me continue with the bankruptcy?
Get a new attorney. File a complaint with the state bar if he continues to refuse to contact you and resolve the problem.
Why can't student loans be included in bankruptcy?
It is part of the law. We aren't involved in its development just its application. It primarily has to do with it being an investment and the federal backing involved.
Can I be denied a loan because I filed bankruptcy?
Yes you can be denied for a BK. You need to change your expectations, get a cheaper car, or one you can pay cash for or seek out new lenders that accept Bankruptcy. There are lots out there but realize they will charge a much higher interest rate, so only buy what you really have to have.
Can filing a chapter 13 stop a judgment on a collection action?
Yes, at least temporarily during the Bankrupcy process.
What is an automatic stay in bankruptcy?
Automatic stay means that your creditors are "stayed" from attempting to collect on any debts from you during this time. It is automatically applied when you file for bankruptcy. Your creditors can ask for the automatic stay to be lifted under certain circumstances.
Can I file for another bankruptcy after five years?
No you cannot. I believe you the earliest you can is 7 years and 9 months following the last Bankruptcy.
Can I include tax money that I owe in my bankruptcy file?
Doubtful that they will be discharged, although you MUST include them in your bankruptcy filing documents. All debts must be disclosed. Tax debts are typically non-dischargeable.
What happens if my ex spouse listed an old joint account in his bankruptcy file?
Nothing. If it was a joint account and he filed BK then you are now solely responsible. If there is a court order from the divorce requiring him to pay you can go after him based on the court order but otherwise you have really no other choice.
Can I sign a quit claim deed to avoid bankruptcy?
NO! This will do nothing to avoid a bankruptcy. You are still personally liable on the mortgage, you would only be assigning your rights to the property, which are still subject to the mortgage. Now if your friend also wants to assume the mortgage, I may be able to help you with this to avoid a BK and a foreclosure.
Can I delay a foreclosure if I am filing for bankruptcy and my name is not on the title?
Only if your name is on the mortgage, you must be the debtor.
Does bankruptcy have any affect on my mortgage?
Yes you can include in your bankruptcy but this means that you will no longer own the home and you will need to eventually move out as they will foreclose. In a Chapter 13 if you are upside down in the home you may be able to get a second mortgage removed if you have negative equity for this amount.
How much debt do you have to be in to consider bankruptcy?
That really depends on your situation. Some feel theat BK is the only option with $20,000 in debt, others can handle $100,000 in debt before they feel in over their head. Often its a matter of income levels dropping below previous levels and you are unable to continue to keep up with the payments anymore. Others file to keep a home. You need to speak with an attorney to determine if its right for you or if there is another option that can work better for you.
Can I file for bankruptcy if I cannot afford my dad's medical bills anymore?
You filing for Bankruptcy will do nothing for your fathers medical bills. He needs to file, not you. You are not liable for his medical bills, although admirable that you are helping him he is the one that liable, so he needs to file for Bankruptcy. Yes his credit will be affected, but medical bills are a very common reason for filing for Bankruptcy.
How long can we stay on our home that is undergoing foreclosure?
If they start foreclosure proceedings now it will be about 90 days.
Will I be affected if my future spouse has a past bankruptcy?
No your credit score will not be affected but if you have a joint bank account, they can collect from it for his debts that may not have been discharged in BK. Also if you open joint credit card or other loans your rates will be much higher because of his poor credit.
Does my surrendering the house to bankruptcy take down my ex husband too?
Yes. If his name is on the loan then he is still responsible for the mortgage.
How long does bankruptcy take?
Yes Chapter 7 takes about 120 days, Chapter 13 is measured in years and you must make payments as instructed over the entire process.
Will my name show up in the newspaper if I file for bankruptcy?
It is not printed in the newspaper, but it is a matter of public record so if someone knows where to look they can find it.
Do creditors show up to bankruptcy court dates?
If it truly is a court case then yes they are likely the ones that are requesting a hearing. If you are referring to the 341 hearing then, typically very few will show up and its just to determine if you are returning secured property or your intentions and to verify your information. They don't stop your BK just ask questions as it affects the property they are concerned with.
Will I still get spousal support if I decide to file for bankruptcy?
It should not change.
What do I do if my bankruptcy file is dismissed?
It really depends on why it was dismissed. there are a large number of reasons it may have been dismissed from fraud tosimply not properly filing all nececassry documents and counseling certificates. See an attorney to determine what your steps are.
What happens if I was fired from my job before filing for a chapter 13 bankruptcy?
Then you may want to cancel filing fro Chapter 13 and instead file a chapter 7.
Can I file for bankruptcy the same time as my ex spouse?
Yes you can also file. You would just file as married filing separately and then designate that you have separate households. If you do not file and she does, the joint assets would then become your sole responsibility, regardless of what the divorce decree states.
Is there such thing as filing fee installments for bankruptcy?
Yes you can petition the court to pay your fee in installments and even waive the fee completely. If you are representing yourself go to the courts website at http://www.utb.uscourts.gov/and click on "FORMS", "CASE FORMS" To pay in installments use form B 3A (Official Form 3A) TO waive fees use:B3B (Official Form 3B)
How can we take care of our home and the mortgage in our chapter 7 bankruptcy?
You can keep your home as long as you have no more than $20,000 per spouse in equity in it and you can afford to make the payments, once your unsecured debts are removed. You also should look at your other secured debts as well.
Can I still get the title to my car from my bankruptcy case?
If you kept the car and have paid off the loan, then yes you should receive the title from the lender.
What can we do if our home is in foreclosure and we owe money to the IRS?
You can stop a foreclosure with a BK but you need to have a plan to save it if you want or you can walk away from it if that is your choice. Tax debts are not dischargable in BK. Alternatively to BK you can try to modify your home loan, short sale it or other options. It really depends on what your goal is, start over, keep the home or other option?
Will my wife's debts become mine if she dies or defaults?
BK in not an option since you have all paid off assets. You are only allowed limited equity that is exempt from execution in a BK, but since you have all these things which are paid off BK is not an option. Since the assets are in her name then when she dies or defaults yes they can come ofter those assets. You need to see a finincial planner to work out how to take care of these obligations and protect your estates.
How many years does a bankruptcy show up on my credit?
For 10 years. All other negative items stay for 7 years.
Will I be able to use my credit cards during bankruptcy?
No all credit cards that you owe money on at the time of the Bankruptcy will be closed. If you owe your bank money they will likely freeze any account. THe best thing to do is open a new account with a bank that you do not owe money to. No you will never be able to use those credit cards again. Although you shouldn't you can get new ones after your BK is complete, but they will be at very high rates and getting into debt right after you get out is counter productive.
Can I file Chapter 13 bankruptcy to avoid the summons for unsecured debt?
Filing bankruptcy will effectively stop all collection activity for a temporary time, but eventually it will begin again when you declare your intentions with your auto. If your son is also a co-signor on the car then yes he will be effected. Your liability may be discharged if you choose to surrender the vehicle but his will remain and he will then have full liability for the debt.
Disclaimer: The responses above do not form an attorney-client relationship, nor are they intended to be anything other than the educated opinions of the author. They should not be relied upon as legal advice.