Recent Blog Posts in May 2010

If you are thinking about filing for bankruptcy in Salt Lake City, Utah, it is important that you know that not all of your debts will be discharged.  Generally, if you file for Chapter 7, you cannot eliminate the following:

1.  Debts that are owed to federal, state or local government agencies

2.  Debts that were not on your initial list of debts when you filed your bankruptcy paperwork

3.  Debts that are owed for child support or alimony

4.  Debts that are owed as part of a legal judgment

5.  Debts owed on student loans (these debts may be deferred due to financial hardship, but cannot be eliminated)

6.  Debts accumulated after bankruptcy

Filing for consumer bankruptcy in Utah?  If so, now is the time to schedule an initial consultation with a Salt Lake City bankruptcy lawyer from the Stone Law Firm.  When you contact us, we will arrange to meet with you one-on-one so that we can answer your questions and tell you more about the bankruptcy process in Utah.

When people are about to file for bankruptcy, they will have to decide between Chapter 7 and Chapter 13.   Generally speaking, those who file for Chapter 7 bankruptcy have their debts discharged and those who successfully file for Chapter 13 are responsible for repaying their debt.

People who are trying to decide between Chapter 7 and Chapter 13 will need to consider a few things before making their decisions.  First, they need to know which bills can be eliminated if they file for Chapter 7.  Second, they need to know which possessions they will be able to keep when they file for Chapter 7 or Chapter 13.  Finally, they will need to become informed of their rights and options under each type of bankruptcy.

The type of bankruptcy people file for will largely depend upon their financial circumstances and their ability to repay their debt over a set period of time.  Therefore, when people are on the verge of filing for bankruptcy in Utah, they should consult with a knowledgeable Salt Lake City bankruptcy lawyer at the Stone Law Firm.  Contact us today to get reliable answers to your bankruptcy questions.

With more and more people having to file for consumer bankruptcy in the state of Utah, it is important that people understand the differences between Chapter 7 and Chapter 13.  Below, the Stone Law Firm explains the three factors that make each type of bankruptcy different:

1.  When people choose to file for Chapter 7 and they are successful, their debts are discharged or eliminated.  However, when people file for Chapter 13, they agree to repay the debts they owe to their creditors over the time span of 3 to 5 years.

2.  People who file for Chapter 7 may lose their property through the process of liquidation.  People can lose their homes, cars, land and other valuable assets which will be sold for a profit to reconcile their debt.  People who file for Chapter 13 do not have to go through the liquidation process.

3.  In order to qualify for Chapter 7, people must take a means test and they must show that they do not make more than the state's median income.  If they make more that the state's median income, they will have to try to file for Chapter 13 because. 

To learn more about the differences between the two types of consumer bankruptcy, contact the Stone Law Firm now to speak with a Salt Lake City bankruptcy attorney.

In Salt Lake City, Utah, it has been announced that a mining company has shut down and will be filing for bankruptcy protection.  The company, Copper King Mining Corp., operates in Utah's west desert and has let go of many of its employees.

According to the company, it hopes to emerge from its Chapter 11 bankruptcy much stronger.  The company plans to reorganize, pay off its debts and raise profits. Copper King Mining Corp. encountered problems when it could not honor its contracts to supply customers, which led to the company considering bankruptcy.

In its bankruptcy filing, which was filed on Tuesday at the U.S. Bankruptcy Court for Nevada, the company said it could no longer pay for mining leases, workers, operations or even its legal team.  The company said that due to its lacking finances, it even had its power shut off.

Are you thinking about filing for bankruptcy in Salt Lake City?  If so, contact the Stone Law Firm to consult with a Salt Lake City bankruptcy lawyer today!

If you are planning to file for Chapter 13 bankruptcy, you will need to have a full understanding of what Chapter 13 is, what it does and how it may benefit you. 

Unlike people who file for Chapter 7 bankruptcy, people who decide to pursue Chapter 13 usually have the monetary means to repay the debt they owe to their creditors.  They simply need time to repay their debt in full and need to come up with a feasible repayment plan. 

When people decide to file for Chapter 13, they will be responsible for repaying their creditors over the time span of 3 - 5 years.  However, while they have to repay their debts, they do not have to go through the liquidation process like those who file for Chapter 7.  For this reason, Chapter 13 can be very advantageous to those who are struggling with their bills, but wish to remain in possession of their homes, cars and other valuable assets.

To learn more about Chapter 13, you should speak with a Salt Lake City bankruptcy attorney from the Stone Law Firm.  You can set up an initial bankruptcy consultation when you contact us.

Chapter 7 is a type of bankruptcy that is filed for by consumers that are waist-deep in debt.  Commonly referred to as "liquidation bankruptcy", Chapter 7 is an ideal option for people who are struggling to pay their bills and who have little income to repay the debt they owe to their various creditors.

When people enter into the Chapter 7 bankruptcy process, they may be subjected to a process known as liquidation.  During liquidation, assets that people own such as homes, cars and other types of property are sold for a profit, which is then turned over to people's creditors.  It is important to note that not all people who file for Chapter 7 in Salt Lake City will have to go through the liquidation process.

 After individuals have successfully completed the Chapter 7 process, all of their debts will be discharged and they will be able to start over with a clean slate.  This is the biggest benefit of filing for Chapter 7 versus Chapter 13.

Are you planning to file for Chapter 7 bankruptcy in Utah?  If so, it is a wise idea to speak with a Salt Lake City bankruptcy lawyer from our law office. 

Contact Stone Law Firm today to discuss your bankruptcy proceedings!

With unemployment at its highest and the job market being increasingly tight, more people are being forced into bankruptcy. Many who found themselves laid off and afterwards found work are getting paid less and receiving less benefits, while others have taken on temporary contracts without any benefits at all just to keep up with basic expenses.

Some folks are going back to school to learn new skills, but education often comes with debt attached. Credit has to be used more often to get by and debt keeps increasing.  Elimating debt is getting more attractive as time goes by. Families all around the nation have had to either walk away from their homes or have been evicted due to foreclosures. Experts predict that the jobless rate will remain high for some time, and with tax increases looming around the corner as well, for some, bankruptcy is a way to gain a fresh start and is the most workable option.

Because there are different types of bankruptcy, one should consult with an attorney who is familiar with the bankruptcy laws and can provide you with advice and guidance based on your specific circumstances.

If you are feeling the stress of financial overwhelm, contact a Salt Lake City bankruptcy attorney at our firm to see what your options are. The Stone Law firm has extensive experience in these matters and can provide you with much needed debt relief options. Contact the office today  at 800-769-0074 to set up a consultation.

With an economic recession in full force and people losing jobs at an ever increasing rate, the following information should come as no surprise. The Administrative Office of the U.S. Courts shows that the total number of bankruptcies filed in the U.S. for 2009 has increased by 34.5 % over the same period in 2008. Additionally, a new Harvard study published in The American Journal of Medicine (August 2009 issue) stated that financial difficulties started hitting Americans “before” the economic downturn, and the main cause was determined to be illness and medical bills.

A first-time national random sample survey was done on people who filed for bankruptcy. The survey was conducted by Harvard Law School and Ohio State University . Results showed that in 2007, 60% of all bankruptcies in the U.S. were caused by illness and related medical bills.

Many people lose their health insurance when fired from their job, or they lose their coverage when they become ill and experience trouble paying all of their medical bills.

Struggling to Pay Off Your Debt?

If you are experiencing financial distress and feel like you might never get your head above water again, you should contact a Salt Lake City bankruptcy attorney at our office to get some helpful advice on what you can do to regain some peace of mind. Being in debt is stressful and in itself can bring about illness. Eliminating debt is like eliminating an unwanted medical condition, you feel healthier and more alive when rid of it. 

Contact the Stone Law Firm today at 800-769-0074 to learn more about our bankruptcy services.