BDJ Express LawFindLaw IM Template2024-01-08T15:51:49Zhttps://www.bdjexpresslaw.com/feed/atom/WordPress/wp-content/uploads/sites/1501516/2020/09/cropped-site-identity-32x32.jpgOn Behalf of BDJ Express Lawhttps://www.bdjexpresslaw.com/?p=474152024-01-05T18:10:51Z2024-01-08T15:51:49ZHow bankruptcy exemptions help you maintain stability
Although you might have to sell some of your assets through a Chapter 7 bankruptcy filing, you’ll still have assets at the end of the day to ensure that you have some stability moving into your post-bankruptcy life. Pursuant to Utah law, you can utilize the following bankruptcy exemptions to ensure that you have a foundation to build upon once your bankruptcy is finalized:
Homestead exemption: In Utah, you can keep a little more than $40,000 worth of equity built into your primary residence. You can also exempt about an additional $5,000 in real estate that doesn’t serve as your primary residence. You might have to sell your home to keep this equity, but at least you’ll have funds to give you some stability moving forward.
Vehicle exemption: You can keep several thousands of dollars in any vehicle that you own, whether it’s a car, truck, motorcycle, or recreational vehicle.
Retirement accounts: Most retirement accounts can’t be touched during the bankruptcy process. This includes traditional IRAs, Roth IRAs, public employee pensions, and ERISA benefits.
Personal property: There are many types of personal property that are exempt from the bankruptcy process by Utah law. This includes up to $1,000 in books, musical instruments, and animals. However, you’ll also get to keep up to $1,000 in heirlooms, your clothing, up to $1,000 in furniture, your firearms, your bedding, your appliances, up to $5,000 worth of goods tied to your trade, health equipment, and enough food to last you a year.
Insurance benefits: Though seeking bankruptcy, you’ll also get to keep certain insurance benefits, such as life insurance proceeds from your spouse or child, as well as any healthcare or disability benefits and the cash surrender value of your life insurance policy.
As you can see, there’s a lot that you can keep by utilizing Utah’s bankruptcy exemptions. And this doesn’t even cover all of them that may be available to you. So, as you consider whether bankruptcy is the right option for you, don’t let a fear of being left with nothing prevent you from moving forward.
Is pursuing personal bankruptcy the right option for you?
Only you can answer that question. However, the process might give you the financial relief that you’ve been working so hard to obtain.]]>On Behalf of BDJ Express Lawhttps://www.bdjexpresslaw.com/?p=474142023-10-03T16:17:21Z2023-10-03T16:17:21ZWhen to file
Decide on the best time to file. You might want to rush out and file immediately, but if there is an important event coming up, such as an anniversary or a child’s birthday or if it is the holiday season, waiting until the event is over might be a better idea.
Divorce involves waiting periods. After you file for divorce in Utah, you must wait 30 days before you can obtain a divorce decree.
This waiting period is short compared to other states, some of which require three months or more before finalizing a divorce. However, unless your divorce involves no property or children, the divorce process will likely take longer, so having patience is necessary.
Sort out your living arrangements. Chances are, either you or your spouse are going to move out of your marital residence. Decide who is going to move out and remember that you are now going to be living off only one income. Create a budget based on your new lifestyle.
Create an inventory of your property
Property division is a common reason the divorce process takes so long. This involves splitting your marital assets and debts equitably.
Make a list of all your marital assets and debts. Obtain documentation for the value of each asset and the amount of each debt. You and your spouse are both required to submit financial disclosures with this information, and you must be thorough and honest in these disclosures.
You might be tempted to hide or downplay the value of certain assets, but this is a bad idea. There are ways to check the accuracy of numbers on financial disclosures, which means you are likely to get caught, and face penalties from the court.
Secure your information
Change the passwords to all your accounts. Even if you believe that you can trust your spouse, they should no longer have access to any of your accounts.
Likewise, open a post office box and have all divorce-related documents sent there. Using your home or new address if you have moved increases the chance that your spouse may intercept the documents. Many steps in the divorce process involve deadlines, so it is important that you receive all paperwork on time.
Social media
Social media is a big part of our daily lives. It is a place where many of us go to vent, share our thoughts or seek support from others. However, it is best to stay off social media during your divorce, especially if you have children and are going through the custody process, as well.
Anything you say on social media can potentially be used as evidence in a divorce or custody proceeding. Even innocent-sounding posts could be misinterpreted and viewed negatively by a judge.
Remember that divorce is difficult and do not be ashamed if you have feelings of anger, bitterness or sadness. Consider seeing a counselor or therapist to help you work through these feelings so you can focus on the practical divorce issues that you must address.]]>On Behalf of BDJ Express Lawhttps://www.bdjexpresslaw.com/?p=474102023-07-03T18:02:28Z2023-07-03T18:02:28Zincreased by 2%.
Why the increase in bankruptcy filings?
Financial experts the problem is connected to low interest rates. When rates were low, people were more likely to take out loans and take financial risks. Now, with the swing to higher interest rates and a soaring inflation rate, companies and individuals alike are feeling financial strain.
Another likely issue: the pandemic. Courts, like everything else in the country, essentially shut down during the pandemic. This made it more difficult to move forward with bankruptcy. Add in the end of economic stimulus packages and other protections and it is no surprise that we will likely see the rate of bankruptcy filings continue to rise as people recover from the financial and emotional strain of living through a global pandemic.
Is this normal?
Our country’s founders felt the need to include bankruptcy protections to help encourage economic growth and innovation. The presence of bankruptcy is a constant and the rates typically ebb and flow. Financial experts point out that the spike in consumer-based business bankruptcy filings like those we see with Party City and David’s Bridal could signal financial constraints for consumers. This may be a sign of a potential jump in consumer bankruptcy filings in the near future.
What if I am struggling to make ends meet?
Bankruptcy is an important part of this country’s economic structure. As such, those who are considering bankruptcy should not be ashamed. Bankruptcy is a legal and protected tool to help you get back on your feet and start with a fresh financial future.]]>On Behalf of BDJ Express Lawhttps://www.bdjexpresslaw.com/?p=474092023-03-31T05:51:40Z2023-04-11T07:01:38ZSo, how should you approach your custody case if you have a criminal history?
Unless you get your record expunged, you probably aren’t going to be able to fully avoid your criminal history from being brought up in these matters. However, there are a few strategies that you can utilize here to minimize the impact of your criminal history. Let’s look at some of them here:
Show the length of time that’s passed: Even though you made a mistake in your past, it probably doesn’t have an impact on your current ability to care and otherwise provide for your child. This is especially true if your criminal record shows mistakes that were made long ago. Here, you’ll just want to highlight the amount of time that’s passed and how nothing in your current life shows that your criminal record carries any significant relevance.
Prove the lack of severity of the crime: The court is likely going to give more weight to a criminal history that’s severe in nature. So, if you have minor offenses on your record, then you should minimize them by demonstrating how they have no bearing on your overall character and fitness as a parent.
Discuss who the crime was committed against: If your record has a more significant criminal offense on it, then you might want to think about addressing who the crime was perpetrated against. If it was someone other than your child and your child’s other parent, then you might be able to admit to your past mistake but demonstrate that you’d never act in a way that would be harmful to your child.
Show how you’ve changed: We learn from our mistakes. That’s probably true for you despite the fact that you have a criminal record. For example, even though the other parent might try to show that a DUI or drug possession conviction is indicative of a substance abuse problem that endangers your child, you can present evidence to show how you’ve sought treatment and no longer engage in substance abuse. You might be able to show how you’ve learned and changed following other types of criminal convictions, too.
Are you ready to tackle your custody case
If you have a criminal record, then you’re going to have an uphill battle as you navigate your child custody case. But don’t let that daunt you. Instead, use it as motivation to prepare as fully as possible for the arguments ahead, which should be focused as much as possible on the child’s best interests.
If you think that you could benefit from some assistance in that regard, then now is the best time to discuss your circumstances with an attorney you trust to advocate on your behalf. To learn more about what the legal teams in your area have to offer, please consider reaching out to them to discuss their services and what they can provide for their clients.
]]>On Behalf of BDJ Express Lawhttps://www.bdjexpresslaw.com/?p=474072023-02-01T16:57:21Z2023-01-12T18:33:10Zresume payments either when the U.S. Supreme Court issues a decision on the current administration’s student loan forgiveness plan or by August 2023, a date set by the current administration, whichever happens first.
Still, this may not be enough to help those who were previously in default on their student loans and will continue to be in default once the repayment suspension is over. And if these borrowers are also carrying significant debts such as credit card debt or medical debt, paying back their student loans is simply impossible.
This is a terrible situation, but there is hope. For some, filing for bankruptcy may be the best way out of a bad situation.
Bankruptcy: an option to erase student loans?
There is a common myth that student loans can never be erased or “discharged” through bankruptcy. This is not entirely true.
If you want to discharge your student loan through bankruptcy, you must file for and attend an adversary proceeding in addition to filing for Chapter 7 or Chapter 13 bankruptcy. However, adversary proceedings can be complicated and time consuming, even for professionals, often leading to significant expenses for the debtor.
Moreover, many adversary proceedings are not successful. The bar for discharging student loans, as currently set by Congress, is high. You must show you will suffer an “undue hardship” if forced to pay back your student loans.
While there are some guidelines as to what constitutes an undue hardship, it is a gray area and different judges will interpret it in different ways. This makes proving you will suffer an undue hardship difficult.
However, the current administration has announced a new process for the undue hardship analysis. Bankruptcy courts, instead of using their own discretion, will examine:
Your present ability to pay your student loans based on your expenses vs. your income
Your future ability to pay based on an assessment of whether your financial circumstances are likely to change based on certain factors
Your good faith efforts to earn an income, manage your expenses and repay your student loans. Non-payment of student loans will not automatically disqualify you from discharge if other good faith factors are present
If when student loan repayments continue, you are struggling to meet all of your financial obligations, filing for bankruptcy may be a worthwhile option to consider.
You should not be embarrassed about filing for bankruptcy. It is a viable and responsible way for settling debts you cannot pay back, providing you with the means to move forward with your life in a fiscally responsible way.]]>On Behalf of BDJ Express Lawhttps://www.bdjexpresslaw.com/?p=474052022-10-13T20:11:40Z2022-10-10T19:54:14Zwant to keep the home, the court will look at different factors.
You must show you can pay for it
One of these factors is your financial circumstances. If the court rules that you keep your home, or if your spouse agrees to let you keep the home, it is your responsibility to pay for it.
This means you will be solely responsible for any mortgage payments, insurance and taxes. Additionally, since a home is usually the most valuable piece of marital property, you will likely need to pay a sum of money to your spouse to offset the value of the house you are receiving.
This can sometimes be done by taking out a second mortgage or other type of loan on the home to pay your spouse. If there is an original mortgage on the home, you must refinance it to take your spouse’s name off it.
Obtain a home valuation
Getting a correct value for your home while going through your divorce is extremely important. This will help ensure that any amount you pay your spouse to offset the home’s value is accurate.
You can offer your spouse additional assets
Under Utah law, your overall marital property division must be fair and equitable. This means that both you and your spouse should both leave the marriage with relatively the same amount of assets and debts.
If you do not qualify for a second mortgage or otherwise have no way to pay your spouse a cash equivalent for your home’s value, you can offer them other marital assets to make up for it.
For example, if both of you have vehicles and retirement accounts in addition to your home, you can offer your spouse your vehicle and retirement account in exchange for the home. This could result in a fair and equitable property division, while avoiding the need for you make a separate payout to your spouse.
Explore all options
As much as you might want to keep your home, sometimes it is not a viable option. If you cannot afford it on your income or resources alone, you may need to consider selling.
Before making that decision, it could help to speak to a divorce attorney who can discuss your options with you. Marital property division often involves creative and innovate solutions, and there might be one that works for your situation.
]]>On Behalf of BDJ Express Lawhttps://www.bdjexpresslaw.com/?p=474032022-07-15T18:47:32Z2022-07-08T18:45:28ZThe automatic stay
Various protections are built into Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy exemptions, for example, provide important protections protecting property from the bankruptcy process in some instances. Another significant protection available in all types of bankruptcy is the automatic stay.
The automatic stay goes into effect once the filing party has filed for bankruptcy protection. It lasts during the bankruptcy process unless it is lifted by the court. It prohibits creditors from proceeding with any collection activities during the bankruptcy process. This means that creditors will have to stop contacting you while you are working out your repayment plan as part of the Chapter 13 bankruptcy process or while you are going through the liquidation process during Chapter 7 bankruptcy.
Chapter 13 and Chapter 7
In general, Chapter 13 bankruptcy is considered a reorganization bankruptcy process during which the filing party reorganizes their debts into a manageable repayment plan over 3 to 5 years. Chapter 7 bankruptcy is considered a liquidation bankruptcy process during which non-exempt assets are liquidated to repay creditors.
Considering bankruptcy can be a tough decision but it can provide debt relief with important protections for you along with way. Both Chapter 7 and Chapter 13 personal bankruptcies can provide a clean financial slate without requiring you to start over from scratch which is why being familiar with the protections of bankruptcy is so important.]]>On Behalf of BDJ Express Lawhttps://www.bdjexpresslaw.com/?p=473832022-04-29T19:22:33Z2022-04-14T19:17:17Zparenting plan is no longer satisfactory or adequate? How do you go about changing it under Utah law?
If you wish to change the parenting plan, according to Utah law, you will need to receive some training before you can do that. The educational course emphasizes to parents how much children can be affected by difficult situations that occur after the divorce. There are many possible conflicts that may arise between two divorced parents when it comes to their children and the arrangement that they have between them regarding child custody and child support.
Many things in life are fluid
Once a divorce is final (especially after some years have passed), the two people begin new lives and often find new people with whom to spend time. Sometimes, they simply decide to have a new relationship but sometimes the relationship becomes more serious and the parent ends up remarrying. If that happens, the parenting plan may come into question because of child support and/or child custody.
If that happens, it may cause an uncomfortable situation for the children. If the process of revising the parenting plan does not go smoothly, it may cause the children to feel anxious and upset, which neither parent wants. Another negative consequence of revising the parenting plan is the expense involved. If the parents have to hire lawyers to represent their interests if the parents are in conflict, that may run into a great deal of money and it may take a long time to resolve the issues.
What is involved in revising a parenting plan?
Before the parents can revise the parenting plan, they will need to prove that they took the educational course(s) that were required. They would do this by presenting the certificate of completion to the court. This applies if the parents are not in agreement. On the other hand, if they are in agreement, it is possible that the judge might waive the training course requirement.
Interestingly, even if the parents object to having to take the course(s), the education is a positive thing because they may very well learn something that they did not know before and they can apply that knowledge to parenting their children and thus to becoming better parents, hopefully. The course is not expensive and is most likely much more valuable than the money that the parents will need to spend on it.
Valuable advice from a Utah divorce lawyer
If you are divorced and are having issues with revising the parenting plan that you have in place, the sound advice of an experienced Utah divorce lawyer may make a great deal of difference to the outcome of your case. The lawyer can offer you valuable insight into the nuances of what you are experiencing and they can help you to choose the right path for the most favorable outcome.]]>On Behalf of BDJ Express Lawhttps://www.bdjexpresslaw.com/?p=473822023-07-13T09:09:47Z2022-01-17T13:00:13ZTalk to your creditor
One option is to discuss your situation with your credit card company. Usually there is a number on your credit card statement you can call. Stay calm when talking to your creditor as you explain your situation. It may take more than one phone call. You may be able to negotiate a modification to your payment plan that results in lower monthly bills you can afford.
Talk to a credit counselor
There are numerous credit counseling organizations that help people who need assistance managing their debts. They can advise on budgeting. Many educational materials and workshops are available at no cost to you, but make sure to do your due diligence as some do charge fees for their services. You may, with their assistance, be able to rework your budget in a way that allows you to pay back your credit card debt.
Consider filing for bankruptcy
Bankruptcy is a viable way to put unmanageable debt behind you. In a Chapter 7 bankruptcy your non-exempt assets will be liquidated, and the proceeds used to pay back your creditors. After that, many of your debts will be discharged allowing you to move forward on a clean slate. In a Chapter 13 bankruptcy you will enter into a three- to five-year court approved repayment plan that allows you to pay down your debts in a way that you can manage. After the repayment period is up many of your remaining debts will be discharged. This also allows you to move forward on fresh financial footing.
Beware of debt settlement companies
One note: be careful if you are considering working with a debt settlement company. These companies state they will settle your debts by negotiating with your creditors. The settlement is paid in a lump sum, and that sum is funded by monthly payments made by you into an escrow-like account. This is risky. For example, the company may ask you to stop paying on your debts while using their services, which could put you into further debt, damaging your credit score and possibly leading to a lawsuit brought against you by your creditor. In addition, it can be hard to make the required monthly payments meaning your debt is never settled and you are even further behind on your debts. Finally, some “debt settlement” programs are outright scams that will take your money but never negotiate a settlement.
]]>On Behalf of BDJ Express Lawhttps://www.bdjexpresslaw.com/?p=472972021-10-12T06:59:45Z2021-10-13T12:00:13Zalimony may be awarded during divorce in Utah.
When is alimony awarded?
Alimony can be requested by either spouse and may be awarded on a temporary basis or on a longer-term basis depending on the situation and circumstances. The divorce court considers a handful of factors to determine if alimony will be awarded including:
The financial condition and needs of the recipient spouse, including the spouse’s monthly debts and obligations and their ability to pay their debts;
The recipient spouse’s earning capacity and ability to earn an income, including income received from all sources and past employment history which can include a lack of employment history because the spouse remained in the home to care for children;
The ability of the paying spouse to provide support which includes their income from all sources weighed against their debts and obligations;
The length of the marriage, keeping in mind a longer marriage better supports an alimony request;
If the recipient spouse has custody of minor children who require support;
If the recipient spouse worked at a business owned or operated by the other spouse;
If the recipient spouse contributed to an increased earning capacity for the paying spouse by paying for their education or allowing them to attend school during the marriage; and
The respective fault of the spouses in the breakup of the marriage.
These factors are used to determine if alimony will be awarded during divorce. Alimony is an important request during divorce and may be one that the potential recipient spouse is relying on or the potential paying spouse opposes. For that reason, divorcing couples should understand the considerations that are evaluated when alimony has been requested.
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