Best Bankruptcy Attorneys in Sandy

Frequently Asked Questions

• Where do I file for bankruptcy in Sandy, Utah?

  Residents of Sandy should file at the U.S. Bankruptcy Court - District of Utah, located at Frank E. Moss U.S. Courthouse, 350 S Main Street, Salt Lake City, UT 84101.

• Where can I get bankruptcy forms in Sandy, Utah?

  You can download bankruptcy forms from the website of the U.S. Bankruptcy Court - District of Utah at https://www.utb.uscourts.gov/forms.

• Are retirement assets such as 401(k) or IRA protected from creditors in a bankruptcy case in Sandy?

  Yes, retirement plans in Sandy, such as 401(k) or IRA, is typically shielded from creditors during bankruptcy. However, exceptions exist. If the 401(k) doesn't meet Employee Retirement Income Security Act (ERISA) criteria, some funds could be exposed in a Chapter 7 bankruptcy. Thus, it's crucial for individuals to closely review their retirement plan to confirm complete protection.

• What requirements must be met by an individual debtor in Sandy for a bankruptcy discharge?

  In Sandy, for a debtor to be qualified for bankruptcy discharge, they must complete a personal financial management instructional course as mandated by 11 U.S.C. § 727(a)(11) and § 1328(g). Post-course, they must submit Official Form B 423, a document affirming course completion, alongside a corresponding completion certificate. For Chapter 13 filings, a "Verification and Request for Discharge" form should be completed and submitted within 60 days following the Notice of Completed Plan.

• What amount of property equity in Sandy is protected under the Utah homestead exemption?

  The Utah homestead exemption allows Sandy homeowners to protect a substantial portion of their property equity. If the real estate serves as the primary residence, an exemption of up to $42,700 in equity is provided, inclusive of homes, mobile homes, and water rights. For real estate not serving as the primary residence, the exemption limit stands at $5,100. These provisions are defined in §78B-5-504.

• What are the implications of the "3-2-240 rules" to individuals in Sandy filing for bankruptcy?

  For Sandy residents, the "3-2-240 rules" offers guidance on discharging back income taxes in bankruptcy. The "3-Year Rule" requires taxes to be due three years of pre-bankruptcy filing. The "2-Year Rule" necessitates tax returns filed two years before the bankruptcy. The "240 Day Rule" states taxes should have been assessed at least 240 days before filing. These timelines may extend due to specific situations such as a prior bankruptcy filing or pending Offer in Compromise.

• Are bankruptcy filings in Sandy accessible to the public as public records?

  Yes, bankruptcy filings in Sandy are public records and can be accessed via the Public Access to Court Records (PACER) website. However, attorneys often utilize this platform, and public access may be limited due to associated costs. Importantly, even if bankruptcy records stay in your name for up to ten years, they do not have a lasting impact on your ability to obtain credit or hinder credit score improvement.