Loopholes in Bankruptcy

Loopholes in Bankruptcy

Bankruptcy can be confusing, but GTU is here to help you out. We've got a bankruptcy law expert in the studio today to share some knowledge with you!
Loopholes in Bankruptcy

Tim Larsen, a bankruptcy attorney at Diaz and Larsen, gave 3 great tips today about finding loopholes during a bankruptcy.


1. What if I have a car (not brand new) and I want to keep it but, combined with my other bills, I just can’t afford the payment?
You must list your car as an asset, but most of the time you will not lose it. In a chapter 13 there is even an option to lower your car payment. Bankruptcy can also void leases if you want to get out of them.

2. What if I owe child support and/or alimony? Can that be claimed in a bankruptcy?
You must list if you owe child support or alimony. However they are non-dischargeable, so you must still pay them.

3. If my wages are being garnished, how can I stop this from happening?
If you file bankruptcy the wage garnish must cease upon filing. You will not be able to get money back that has been garnished, but it will stop the garnishment from happening any further!


For more tips on bankruptcy, watch the full segment and visit Diaz and Larsen!

http://www.diazandlarsen.com/
307 W 200 S, Salt Lake City, UT 84101
(801) 596-1661

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