Bankruptcy Lawyer Kaysville Utah

Bankruptcy Attorney Kaysville Utah

Personal Bankruptcy Lawyer Near Kaysville Utah

Ascent Law LLC (801) 676-5506 Free Consultation

Bankruptcy Attorney Kaysville Utah
Bankruptcy Attorney Kaysville Utah

Will the Government Take My House Away If I File For Bankruptcy?

When filing for bankruptcy, you can’t expect to lose your home. However, there are some exceptions. For example, you don’t have to pay any deficiency judgments. Also, the government doesn’t have to take your house if it’s past its redemption date. While you may want to hold onto your house for emotional reasons, you may not be able to keep it financially.

Exemptions from liquidation

Bankruptcy laws provide protection for property owned by a debtor during the bankruptcy process. However, if you do not have an exemption on a piece of property, you may lose it once you file for bankruptcy. However, if you are honest about your financial situation, you may be able to keep it throughout the process and after the case is over.
There are several exemptions that protect assets from liquidation. While some assets are completely exempt, others are only exempt up to a certain dollar amount. If your asset is worth less than the amount you’ve designated as the exemption, the trustee will abandon it. This will keep your property out of the hands of creditors while your creditors are being paid in full.

Loss of property

You may think that filing for bankruptcy means that you will lose all of your property, but it is not the case. Bankruptcy protects certain assets, known as “exemptions,” from being sold to pay creditors. Federal and state laws vary on how many assets are protected by bankruptcy.
A Chapter 13 bankruptcy, on the other hand, does not require the liquidation of assets. Instead, the nonexempt property is assessed at a value that counts toward your disposable income, which is the number of monthly expenses you have left over after paying your creditors. This value is then used to determine how much you must pay your creditors.

Chapter 7 vs. Chapter 13

Chapter 13 bankruptcy can help you keep your home, but it also means you’ll have to make payments on all your past-due bills. While Chapter 7 will allow you to stop making payments on all your debt, you can’t catch up on missed payments in Chapter 13. But if you have missed payments on a mortgage and you’re not able to keep up with your payments, Chapter 13 bankruptcy can help you keep your home.
While Chapter 13 bankruptcy is more difficult, it will leave you with more assets than a Chapter 7 bankruptcy. If you’re behind on your mortgage payments, the bank will foreclose on your house. But this doesn’t mean that the government will take your house. The mortgage company will keep the property you owe them until you pay off the loan in full. In these cases, you may want to keep your house because of emotional reasons. Besides, your house may be an asset in the future.

Keeping your home in bankruptcy

Many people worry about losing their homes in bankruptcy. However, bankruptcy laws allow most people to keep their homes even if they are behind on payments. This includes homeowners with mortgages. However, homeowners with more than $500k in equity may not be able to keep their homes in bankruptcy. If you have no mortgage, you may be able to keep your home if you can afford the payments.
In Chapter 13 bankruptcy, your home is protected by the homestead exemption. This exemption protects the equity you have built up in your home and allows you to keep it. This type of bankruptcy also allows you to keep your car if you are current on your payments. However, you will be required to file a reaffirmation agreement with the lien holder. Other vehicles, such as recreational vehicles, must be forfeited to pay off the debt.

Keeping your mortgage alive

There are many benefits of retaining your mortgage when filing for bankruptcy, including the possibility of keeping your home. Chapter 7 bankruptcy, for instance, gives you time to get your finances in order while keeping your home. It is also a viable option for homeowners who have fallen behind on their mortgage payments. Normally, these borrowers would be able to catch up with the payments if they didn’t have other debts that were holding them back.
In addition to protecting your home from foreclosure, filing for bankruptcy can give you extra time to save for the future. You can avoid a foreclosure by filing for Chapter 7 bankruptcy, which frees up your money to make mortgage payments. In fact, 68% of people who filed for Chapter 7 bankruptcy were able to keep their homes.
If you have any questions, you can get a free consultation with Ascent Law LLC:

Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506

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Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506
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Kaysville, Utah

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Kaysville, Utah
Kaysville City Municipal Center

Kaysville City Municipal Center
Location in Davis County and the state of Utah

Location in Davis County and the state of Utah
Coordinates: 41°1′59″N 111°56′10″WCoordinates41°1′59″N 111°56′10″W
Country United States
State Utah
County Davis
Settled 1849
Named for William Kay, a pioneer settler[1]

 • Mayor Tamara Tran

 • Total 10.54 sq mi (27.31 km2)
 • Land 10.50 sq mi (27.20 km2)
 • Water 0.04 sq mi (0.11 km2)

4,357 ft (1,328 m)

 • Total 27,368
 • Estimate 

 • Density 3,084.47/sq mi (1,190.94/km2)
Time zone UTC−7 (Mountain (MST))
 • Summer (DST) UTC−6 (MDT)
ZIP code
Area code(s) 385, 801
FIPS code 49-40360[4]
GNIS feature ID 1442285[5]

Kaysville is a city in Davis CountyUtah. It is part of the Ogden–Clearfield metropolitan area. The population was 27,300 at the time of the 2010 census,[6] with an estimated population of 32,390 in 2019.[7]

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