Bankruptcy and Liens Can Affect Third Parties in Utah

Utah Bankruptcy’s Far Reaching Effects

Bankruptcy and liens don’t just affect those who declare bankruptcy and those who have liens on their property. Bankruptcy and liens affect third parties as well. A Utah couple found that out the hard way this week. As KSL News reports, a Utah couple are regretting now that they did not hire a Utah bankruptcy attorney before they bought a truck from a private individual.

The Utah couple saw an ad online for a truck that was for sale and they were interested in purchasing it. They met with the seller of the truck and took it for a test drive. The truck was to their liking so they made an offer and they agreed to purchase the truck. The seller provided them with the title to the truck and they paid for the truck in cash. The couple was very happy to have their new truck which they thought they legally owned. Unknown to them, however, there was a lien on the truck and a bank was the actual owner of the vehicle, not the couple.

A Lien Supersedes Others’ Right to Property

Possibly because of a bankruptcy of one of the prior owners of the truck, a bank was exercising its right to enforce the lien on the vehicle and seize it. The couple did not know about the truck’s lien though until they went to the DMV to register their new truck. The DMV informed them they did not own the truck because of a lien by a bank.

The couple did not have a correct title. The title said original and it was the original title, but the previous owner, or another prior owner, had requested a duplicate title. With the duplicate title the person then took out a loan on the duplicate title and defaulted on it possibly because of bankruptcy. The person who sold the couple the truck said he did not know the title had a lien on it, but would not give the couple’s money back to them because he had already spent it. So, the couple is stuck with a truck they don’t own until the bank repossesses it, and they are out thousands of dollars. Their only recourse is to contact a Utah bankruptcy lawyer to sue the man for their money.

Utah Bankruptcy Attorneys Help Avoid Lien Problems

Before you buy property that has a title, protect yourself from another person’s bankruptcy by checking to see if there is a lien on the property. Call a bankruptcy attorney from Salcido Law firm if you have any bankruptcy or lien problems. A Utah bankruptcy lawyer will help protect you from any lien scams like the one the Utah couple was a victim to. Call 801.413.1753 to speak with a lawyer today.

Assessing Your Debt | Is it time to take action?

If you have been struggling to make ends meet, if you are not paying your bills, if you are living pay check to pay check, it is time for an honest, objective, assessment of your debt. A Utah bankruptcy attorney at Salcido Law Firm can provide you with a free debt assessment, review your financial circumstances, and formulate a game plan to help you get back on the road to financial recovery and freedom. If you are struggling to pay your bills, you are not alone. Millions of Americans are currently drowning in debt; our federal government is even drowning in debt to the tune of trillions of dollars. We understand your plight and we have helped hundreds of individuals and families in Utah just like you find help in the bankruptcy process.It is time to take action to protect you and your family. Let us be your advocate and provide you with the honest assessment of your financial situation you need in order to be able to take action and move forward.

Calculating Your Finances and Abilities to Pay

Many clients come to our office seeking help in determining their total outstanding debt obligations. Our Salt Lake City bankruptcy lawyers are experienced in debt analysis and can help you understand your obligations, total financial picture, and potential debt relief options. Many clients panic when they have been served with a civil suit, garnishment, or foreclosure notice. You have rights and we can help you determine how best to protect you and your family through these difficult times. We aid debtors in calculating their financial obligations and their ability to meet those obligations. Many people find a Chapter 7 bankruptcy or Chapter 13 bankruptcy is the only realistic means of resolving their debt. Others find their creditors are willing to work with their attorney to negotiate terms which provide some light at the end of the tunnel.

Free Debt Analysis and Consultation – Salt Lake City, Ogden, Provo

Don delay in getting free help from experienced bankruptcy lawyers in Utah. Call our Utah law firm today for a free consultation and free debt analysis. We often provide late consultations and meetings for individuals looking to stop by our office after work. Call and speak with an advocate now by calling 801.413.1753. A Utah bankruptcy Lawyers at our office can be reached anytime 24/7. You can also fill out our Free Case Review on the side of this page and we will get back to you normally within the hour. Contact us today and Get Protected!

Utah Bankruptcy Attorneys – Salt Lake City, Provo

In recent years in Utah, pay day loan centers have cropped up all over the state. Utah has less regulations on pay day loan companies than many other states. The Utah State Legislature has been considering tightening the regulations on these types of companies for the past few years but has taken minimal steps compared to other states in stemming the tide of short term lending in Utah. Some cities have enacted zoning ordinances to prevent multiple pay day lenders from setting up multiple shops in town. The pay day loan stores have been successful in marketing to financially struggling individuals and families throughout the state. As a result, many people in Utah have fallen into the web of short term loans and now find themselves even more in debt with looming interest rates that make it almost impossible to pay off their pay day loan obligations. For many of these individuals, filing for bankruptcy in Utah is their best or only option to get a fresh financial start and rid themselves of a pay day loan nightmare.

At Salcido Law Firm, we have helped numerous individuals and families get a start fresh after taking on more debt than they can pay from pay day loan stores, credit card companies, or other lenders with extremely high interest rates.

Alternatives to Pay Day Loans

For many people struggling to make monthly mortgage payments, rent, utilities, food, or other necessities, there are alternatives in Utah to pay day loans and other risky short term lending. People sometimes do not realize that credit unions and banks often provide short term loans that are more regulated and carry less risk than the typical pay day loan store. While some of the bigger banks such as Wells Fargo and Bank of America are not yet offering small and short term loans, many other regional banks are. A search of your local banks may help you find the funding you may require. Credit unions are often the best alternative to pay day loans and generally provide more options than banks. Credit unions are often more community organized and more flexible in their lending requirements.

Recently, the FDIC tested a program in which short term loans of up to $2,500.00 were given for a period of up to 90 days. This program may be making a comeback and could be a great alternative to the typical pay day loan structure. Over sight of the FDIC short term loan programs provide more security to the average consumer.

Discharging Loans in Bankruptcy

Like other consumer debt, pay day loans whether secured or unsecured are generally dischargeable in bankruptcy. In fact, more consumers buried in pay day loan debt are looking to bankruptcy as a means of getting on top again. Many pay day loan institutions will aggressively pursue collections actions against its customers. To stop pay day creditors from collecting and harassing you, speak to a Utah bankruptcy attorney today.

Free Consultation with a Bankruptcy Lawyer

At Salcido Law Firm, our team of highly skilled and experienced bankruptcy attorneys can help you shed your ever increasing consumer debt. If you feel you have dug yourself a hole with pay day lenders, credit card companies, and/or other loans, we can help. Call us to find out what your bankruptcy and debt relief options are today. You can speak with one of our Utah consumer lawyers any time by calling 801.413.1753.

Utah Bankruptcy Attorney

As health care costs throughout the country continue to rise, more and more Americans are incurring medical debts they simply cannot afford to pay. The combination of a tough economic climate and increased medical bills can mean financial disaster for many families in Utah. Fortunately, there is help. More and more individuals are turning to bankruptcy as a means of resolving mountains of medical debts and getting a fresh start. At Salcido Law Firm, a Utah Bankruptcy Attorney on our team can help you resolve medical bills and file for bankruptcy in Utah.

Medical Bills Common Reason for Bankruptcy

Recent reports suggest medical bills may be the most common reason for personal Chapter 7 bankruptcy filings in previous years. Indeed, many of the clients that come to our law office to discuss bankruptcy options are often most concerned with the high amount of medical debt they have accrued. In some cases, our clients are facing garnishments or other means of collections from health care billing companies. When a client hires us to represent them through a bankruptcy, we stop garnishments for medical bills and give our clients the fresh start so many of them desperately need.

Why File for Bankruptcy?

Why are so many people in Utah hiring Salcido Law Firm to file their bankruptcy when they have medical bills that can’t be paid? There are many reasons. Some of the most common reasons why so many people are hiring our team of Utah Bankruptcy Lawyers to discharge their medical bills includes:

• No Insurance. The reality is that not everyone has medical insurance or do not have adequate medical insurance to cover every medical procedure and treatment. For those who go uncovered, medical bills and can get extremely high. Without insurance or without adequate insurance, many people in Utah are feeling the pinch of high medical bills without any hope of being able to pay them off.
• Unknown Billing Procedures. When you leave a hospital, you likely have no idea how what your total medical expense is going to be, or how you are going to be billed. Often, medical bills don’t start showing up in the mail until months later. It can also be unclear what your paying or when payments may be due. This uncertainty in medical billing practices prevents many patients from budgeting for medical bills.
• Unemployment. With the economy taking a recent turn for the worst, the unemployment rate in Utah and the country as a whole has skyrocketed. Since more individuals are unemployed, more people are going without insurance and are also unable to pay for medical expenses.

 Clear Your Medical Debt – Call for a Free Consultation

If you are someone you know has a mountain of medical debt they just can’t seem to get out from under, call Salcido Law Firm today. A Utah Bankruptcy Attorney at our office can help you through the process of clearing your medical debt and starting fresh. We offer free consultations and can be reached anytime 24/7. Don’t wait, get the fresh start you deserve now: 801.413.1753.

What is a Fraudulent Transfer under Bankruptcy Law?

The United States bankruptcy code is aimed at protecting consumers from having to pay debt which they honestly incurred but which they will not be able to pay back.  Bankruptcy law seeks to help honest debtors and to provide them a way to start over.  Bankruptcy law also aims to prevent debtors from avoiding paying their creditors when there are assets that can be used to do so.  Consequently, Congress passed  a law prohibiting “fraudulent transfers.”  There are a number of transactions that constitutes “fraudulent transfers” including:

• Transfers of property made within two (2) years of the filing of the bankruptcy petition which were done so with the intent to delay, hinder, or defraud any entity to which the debtor was or became indebted;
• Transfers of property made within two (2) years for an amount less than the market value of the property and the debtor was insolvent at the time of the transaction, the debtor was engaged in a business but the business interest was not sufficient capital for the property exchanged, intended to go into substantial debt, or transferred the property to an insider.
• Transfers of property made by the debtor within ten (10) years to a self-settled trust in which the debtor is a beneficiary of the trust made with the intent to defraud creditors.

Talk to a Bankruptcy Attorney at SLF

If you are considering bankruptcy you best speak to a qualified bankruptcy attorney like those at Salcido Law Firm PLLC, a debt relief agency under the U.S. Bankruptcy Code.  Our lawyers will help you understand of any transfers you’ve made over the last few years will be set aside by the U.S. Trustee as a fraudulent transfer.  We will also help you understand whether you qualify for bankruptcy and whether bankruptcy is indeed your best option for eliminating your debt.  Call us anytime to schedule a time to meet with one of our Utah bankruptcy lawyers.  801.413.17.53.  You can also email us.

Are Your Wages Being Garnished?

One of the problems associated with debt is the possibility of getting a judgment against you.  If a creditor is able to secure a judgment against you it may also be able to get an order from the court to garnish your wages.  A garnishment order can result in having several hundreds of dollars taken from each paycheck.  This can mean the difference between being able to make your car payment or purchase this week’s groceries and not.

Bankruptcy Stops Wage Garnishment

There are very few things that can stop garnishments once they have started.  You can try to get the garnishment order overturned in court, but your chances of accomplishing that are slim, and the time and money it will take will ultimately not make it worth it.  A much less expensive and time consuming option is to file for a Chapter 7 or a Chapter 13 bankruptcy.

The moment you file for bankruptcy the automatic stay immediately works to prevent your creditors from garnishing anymore wages from your paychecks.  The quicker you file for bankruptcy, therefore, the quicker you start saving those hard earned funds.

How Long does it Take to File for Bankruptcy?

If your wages are currently being garnished and you need some debt relief the best thing you can do is contact one of our Utah bankruptcy attorneys by calling 801.413.1753.  We can generally get you in for a same day consultation.

How quickly we are able to get your bankruptcy on file really depends on you.  We need certain information from you to get your petition filed and we give you a packet when you meet with us so that you know everything that you need to gather for us.  Some clients can gather all of their financial information in one evening.  You also have to take a credit counseling course, which you can one in one evening as well.  Thus, we can get your petition on file in just a couple of days.

Contact Us to Start to Stop the Garnishments of your Paychecks

You can reach us anytime at 801.413.1753 or by email to set up a free consultation.  There is no sense allowing your paychecks to continue being garnished so call one of our bankruptcy lawyers to find out how we can help you.

HOW CAN I RESTORE MY CREDIT AFTER FILING BANKRUPTCY?

There are several factors that go into your credit rating, and each credit agency analyzes debt a little differently.  Naturally, negative reports from creditors are going to affect your overall score and recent negative information will scare away potential creditors.  However, along the same lines, recent positive reports will give creditors more incentive to offer a loan.

There is no doubt that bankruptcy has a negative impact on your credit report, but it’s not the end of the world.  The quicker you get positive reports from creditors the quicker your score will increase.  One way to do this is to get a credit card, use it, but pay it off in full each month.  Inevitably any credit card you get shortly after filing bankruptcy will have a very high interest rate. But if you pay it off each month and don’t let the interest accrue then you are no worse for the wear.

Another way to build credit is to pay your monthly bills on time, whether that be a cell phone, utilities, car payment, house payment, student loans, taxes, etc.  Generally even after filing bankruptcy an individual will have bills due each month, pay those bills on time and your credit score will increase.

Keep in mind that credit reports often misreport information.  After filing bankruptcy review your credit report and make sure that pre-bankruptcy debt is included in the bankruptcy on the report, usually indicated by a “BK” next to the debt.  If certain debt is not included, let the credit bureaus know.  This can be a timely process but it is well worth it.

Other things you can do is create a tight budget and stick to it, set up automatic payments so you’re sure not to miss a bill (keep tabs on automatic payments because there are always potential issues).  DO NOT max out credit cards, this will always reflect negatively on your credit reports.  And finally, if you’re having trouble getting unsecured debt you can always get a pre-paid credit card, just be sure to get one that does not have excessive fees involved.

Contact Us

Give us a call to find out more about how you can file for bankruptcy and begin to restore your credit.  801.413.1753 or 888.337.3235 or click here to email us.  We are Utah bankruptcy lawyers and can help you to achieve your financial goals.  We serve Provo, Salt Lake City, and Ogden and all of Utah.

If you answer “yes” you are not alone.  Chapter 7 and Chapter 13 bankruptcies have been steadily increasing during this economic recession.  In October 2009 alone 135,914 individuals in the United States sought bankruptcy protection.  With more and more people being laid off and with the slim job market, it is no wonder that individuals in Utah and across the country are finding that their best option is to declare bankruptcy.

Depending on the amount of your income and debts as well as other factors, you could have most of your debts discharged through a Chapter 7 bankruptcy proceeding or restructure your debts through a Chapter 13 bankruptcy proceeding which will allow you to consolidate your debts under the protection of the court and pay your debts back with modified conditions and generally with lower payments.

Let the Utah Bankruptcy Attorneys help you start afresh under the bankruptcy laws.  It is time for you to get your financial affairs back on track; it is time for you to free yourself from those collection calls; it is time for you to Get Protected!