Recent Posts in Debt Relief Category

When people file for Chapter 7 or Chapter 13 bankruptcy, there are great benefits, but there are also several consequences. For example, when people file for consumer bankruptcy it will appear on their credit reports for a period of 7 to 10 years. During that time, it is very important that people:

Take the time to examine their credit reports to ensure the bankruptcy is reflected as it should be.   Any debt that is part of the bankruptcy should be properly noted usually with a "BK" notation so that creditors know that the debt has been taking care of.

Create a feasible budget and then stick to it. This is the time when people want to start rebuilding their credit and one of the key components in building better credit is having a budget in place and avoiding spending more funds than necessary.

Pay bills on time all the time. This is one of the most important things that people can do as they try to rebuild their credit and move past their bankruptcy filing.

If you are filing for bankruptcy in Utah, contact us now to discuss your options with a Salt Lake City bankruptcy attorney.

Many people who choose to file for Utah bankruptcy believe that when they complete the process, all of their debt will be eliminated.  However, only unsecured debt is discharged after people have successfully filed for Chapter 7. 

Unsecured debt does NOT include:

§  child support payments

§  alimony payments

§  settlements or judgments

§  student loans

§  tax debt

Most people wonder why student loans are exempt from discharge.  In June 2007, U.S. Senator Dick Durbin introduced a new Bill that would make private student loans dischargeable under bankruptcy as these loans were in 2005.  Back in 2005, changes to the U.S. Bankruptcy Code made private student loans equivalent to the treatment of government-guaranteed loans, which are not dischargeable.  The Bill would reverse the 2005 amendment and allow for the discharge of any student loans that are considered private.

Have questions about Utah bankruptcy?  If so, contact us to discuss your concerns with a Salt Lake City bankruptcy lawyer.

Most people do not realize that student loans are not dischargeable under Chapter 7 or Chapter 13 bankruptcy.  Only unsecured debt, like credit card debt, is dischargeable. Student loans are considered a secured debt, which means that even if people file for consumer bankruptcy, they will still be responsible for paying back educational loans.

The only way people may be able to avoid paying their student loans under bankruptcy is by proving the loans present an undue hardship, which is quite difficult to accomplish.  In order to prove undue hardship, people will have to file a lawsuit with their bankruptcy proceedings and present evidence to a bankruptcy judge that paying their student loans would be a substantial financial burden. Should people plan to take this route, they will definitely need assistance from a skilled bankruptcy lawyer.

If you have questions about how filing for bankruptcy in Utah will impact the debt accumulated by your student loans, contact the Stone Law Firm and set up a consultation with a Salt Lake City bankruptcy lawyer.

There are countless people in the United States that are currently dealing with or who have had to deal with creditor harassment due to credit card debt.  The question most people ask when they are harassed by their creditors is how can they get the harassment to stop?  Below, we have provided several tips for those who wish to put an end to creditor harassment once and for all:

1)  If you find that you are unable to pay your bill on time, avoid harassment by calling your creditor first.  Explain that you are unable to pay your bill and ask for payment options.  By doing this, you will combat creditor harassment before it happens as it is usually in your creditors' best interest to work with you.

2)  If you are currently being harassed by your creditors, write a cease letter.  In your letter, you should ask your creditors to stop harassing you.  Tell them why you cannot pay your bill and what your payment intentions are.   By law, creditors must stop collection efforts after they have received a written request.

3)  Finally, if harassment persists, it is a wise idea to obtain representation from a bankruptcy attorney that handles creditor harassment cases.

If you are struggling with creditor harassment, contact the Stone Law Firm to speak with a Salt Lake City bankruptcy attorney.

One common issue that people have to deal with when they have credit card debt is creditor harassment.  While not all people will be harassed by their creditors or collection agencies when they owe money, many people are and need immediate help.  One of the best ways to put an end to creditor harassment, especially when you are on the verge of filing for chapter 7 or chapter 13, is to consult with a bankruptcy attorney. 

You should seek help whenever:

-          A creditor keeps calling persistently, even when asked to stop.

-          A creditor continually calls you at your place of employment.

-          A creditor issues threats or abusive language.

-          A creditor calls you names or issues verbal insults.

-          A creditor tries to call one of your family members or friends to discuss your debt.

-          A creditor creates false legal documents to get you to pay your debt.

If you are thinking about filing for bankruptcy in Salt Lake City and are dealing with creditor harassment, contact the Stone Law Firm to speak with a Salt Lake City bankruptcy attorney.

Welcome to Part Two of Having a Life After Bankruptcy.  If you missed, be sure to check out Having a Life After Bankruptcy Part One.  After you have filed for bankruptcy, here are more rules to follow:

Number Four:  try to maintain continual employment.  This means keeping a steady job so that you have reliable income each month.

Number Five:  take control of your debt by meeting with a financial planner.  Speaking with a financial professional will provide you with strategies to repay your debt and also help you create a do-able budget.

Number Six:  review your credit report.  Sometimes, you will find that information is incorrect and when this happens, you should also file a dispute with the credit bureau.  False information can adversely impact your credit rating, which is something you must avoid after filing for bankruptcy.

By following these basic rules, you will regain control of your finances and life in no time.

If you are thinking about filing for bankruptcy in Salt Lake City, contact the Stone Law Firm to speak with a Salt Lake City bankruptcy attorney.

One of the many things that people do not fully understand before they file for Chapter 7 or Chapter 13 is that there really is life after bankruptcy.  In fact, Utah bankruptcy can present people with numerous advantages while giving them a chance to start over with a clean slate.  The key to having a life after bankruptcy is following a few basic rules:

Number One:  pay your bills on time, every month, without fail.  Doing this will help you rebuild your credit rating.

Number Two:  try to live within your means.  This means that you will have to make a firm commitment to avoid overspending and making purchases that constrain your finances.

Number Three:  make a tailored budget that is feasible and stick to it.  It will serve as your financial plan on a month-to-month basis, help you stay on track with your bills, reduce debt and regain financial control.

Be sure to read our next entry, Having a Life After Bankruptcy Part Two to learn more.  If you are thinking about filing for bankruptcy in Salt Lake City, contact the Stone Law Firm to speak with a Salt Lake City bankruptcy attorney.

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.

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.  

Should I file for bankruptcy? This is a common question we get asked all the time, but the only person who can decide whether or not you should file for bankruptcy is you. Deciding whether or not to file for bankruptcy is a very personal matter that must be weighed carefully. Here are some things you should take into consideration before you contact a bankruptcy attorney:

• Will I ever be able to repay my debts?
• How long will it take me to repay my debts?
• Are there other debt relief alternatives I can look into?
• Do I make enough money to pay back my debts through a repayment plan?
• Am I willing to let my credit score take a hit for a few years?
• Am I facing foreclosure?
• Am I tired of being subjected to creditor harassment, wage garnishment, and other negative consequences associated with having unpaid debts?
• Am I ready for a fresh financial start in life?

If you are interested in learning more about filing for bankruptcy after taking these questions into consideration, a Salt Lake City bankruptcy lawyer at the Stone Law Firm can help. We understand the stress, anxiety, and frustration that comes with having too much debt, and are committed to helping you seek the debt relief you need. We would be happy to meet with you to review your current financial situation to determine what can be done to eliminate, reduce or consolidate your debt so it no longer consumes your life and brings you down.  

To schedule an appointment to discuss your debt relief options with a Salt Lake City bankruptcy attorney at our firm, please contact us today by calling (800) 769-0074!