Services provided by JLT Law

Chapter 7 and Chapter 13 Bankruptcy (both Personal and Business related)

The fact that you are searching the internet to obtain information related to Bankruptcy is indicative of the financial stress that currently exists in your life. Take comfort in the knowledge that JLT Law is here to help. It is most likely that you are overwhelmed by debt and struggling to pay your bills. The United States Bankruptcy Code has been enacted to provide a means for people like you to receive relief from their financial obligations. Bankruptcy is founded upon fair and just rules that allow you to get relief from your debts, and allow you to keep those assets to maintain a reasonable and necessary household. In most cases, only luxurious items that are owned free and clear are considered to be in jeopardy of being lost. At JLT Law, we take the time to become fully familiar with your personal financial situation and to explain all your various options to enable you to determine whether bankruptcy makes sense for you. At JLT Law, we do not employ pressure tactics, we provide the information to you, answer your questions, then allow you to sufficiently consider your options on your own. As part of this process, we will explain the two most common chapters for consumer related bankruptcy, Chapter 7 and Chapter 13, and how each applies to your independent financial situation.

Chapter 7 Bankruptcy

Chapter 7 is the Bankruptcy which most people think of when the word “Bankruptcy” is mentioned. Once a person files a Chapter 7 Bankruptcy, an independent third party called the “Trustee” is appointed to administer your Bankruptcy case. It is the Trustee’s job to review your financial situation to determine whether there are any assets available to liquidate and pay money to your Creditors. The vast majority of Chapter 7 cases are determined to be “No Asset” cases, which means that no property is taken from the Debtor to sell for the benefit of Creditors. At JLT Law, we pride ourselves in having enough experience that we can typically evaluate your financial situation similar to how a potential Chapter 7 Trustee will. It is our goal to provide you with advance warning as to whether any of your property is in jeopardy of being seized by the Trustee. Under Chapter 7, you receive a discharge of most of your debts and the Creditors receive little to nothing. There are certain debts that will survive a Chapter 7 discharge, and JLT Law will be able to explain the options related to those obligations once we meet with you and review your specific financial situation.

Chapter 13 Bankruptcy

Under Chapter 13, a plan of reorganization is proposed based on your specific set of circumstances. Only people deemed to have a regular source of household income qualify to file a Chapter 13 case. A Chapter 13 Plan allows a Debtor to reorganize their financial situation by repaying certain creditors over a period of three to five years. There are several different elements in determining the parameters of a Chapter 13 Bankruptcy Case, and JLT Law will evaluate all the relevant factors during our first consultation with you. The benefit to a Chapter 13 Plan is that even those debts that would otherwise survive a Chapter 7 Discharge can be addressed within a Chapter 13 process so that when you emerge from the completed Chapter 13 Plan, those debts will have been satisfied as well. Chapter 13 is a non-liquidating process which means that a Debtor maintains possession of all their property. One significant benefit to a Chapter 13 process is that it can be used to protect a home from foreclosure by allowing the past-due home mortgage payments to be included within the Chapter 13 Plan. Contact JLT Law today to discuss how a Chapter 13 case can assist you in resolving your current financial situation.

Chapter 11 Bankruptcy

Chapter 11 of the U.S. Bankruptcy Code is a very complex and expensive process. It is geared towards businesses that are in financial trouble, but can also be used for individuals that do not otherwise qualify for consumer related Bankruptcy relief under Chapter 7 or 13. The primary purpose under Chapter 11 is to allow the business entity to be reorganized with the protection of the Court, while providing sufficient latitude to perform under a Court approved Plan without having to battle with Creditors unnecessarily seeking to collect the obligations owed to them. At JLT Law, we can guide you through the special issues that are involved with the Chapter 11 process. Other options typically are available for distressed businesses than seeking protection under Chapter 11 of the Bankruptcy Code, it is our goal to help you identify and consider the best options for the business and those persons being impacted by the current status of the business enterprise.

Bankruptcy Litigation

In the best case scenario, your bankruptcy case goes through without any issues – and that’s the vast majority of cases. However, there are times where a creditor asserts that you should not receive a discharge of the debt you owe because the creditor claims you committed fraud or larceny.

If you are involved in the construction industry, your unpaid suppliers and subcontractors may argue your debt to them is not dischargeable based on the Michigan Builders Trust Fund Act, even if you were operating your business through a corporation or LLC.

Sometimes a creditor or the United States Trustee (a government agency) will argue that you do not deserve a discharge of any of your debts, that you do not belong in a Chapter 7 bankruptcy case or that you are not entitled to bankruptcy protection at all. We have the experience to deal with litigating all these issues in the bankruptcy court.

Foreclosure Avoidance

At JLT Law, we recognize that the American Dream of home ownership still exists; but, due to many economic factors, it is being threatened every day. If you are facing the threat of foreclosure on your home due to delinquent mortgage payments, JLT Law can help to enable you to save your home. Under the provisions of Chapter 13 of the Bankruptcy Code, you are permitted to recommence making your monthly mortgage payments once you have filed the Bankruptcy Petition, and the payments you have missed previously can be brought current over a period of three to five years.

If you are uncertain as to whether you desire to keep your home, you should consult with JLT Law well before any date that may be scheduled for a foreclosure sale. There are several options available to you which the mortgage companies often fail to disclose to you. Please realize that once the foreclosure sale has been conducted, it most likely too late for you to protect any equity you may have accumulated in the home. If a foreclosure is looming, it is URGENT that you act now. Contact JLT Law immediately to discuss your various options.

Garnishments

One of the principal protections afforded a Debtor in Bankruptcy is the automatic stay which prohibits a Creditor from any collection activity once a Bankruptcy case is filed. If your wages or bank account is being garnished or seized, or you expect they soon may be, JLT Law is able to stop those actions immediately once a Bankruptcy case is filed. Depending on the timely of the filing of your Bankruptcy in comparison to the current pay period at your employment, we may even be successful in recovering some of the amounts that have been seized from your paycheck and bank account. Do not delay in consulting with JLT Law if your wages and bank account are being subjected to garnishment; your family is more deserving to benefit from your hard earned wages than any Creditor.

Repossessions

One of the principal protections afforded a Debtor in Bankruptcy is the automatic stay which prohibits a Creditor from any continued legal process once a Bankruptcy case is filed. If your car, or any personal property, has been repossessed, commencing a Bankruptcy Petition will afford you the opportunity to retrieve that property. However, time is of the essence in such a circumstance. You need to act quickly because under Utah law, the vehicle can be sold very soon after it is repossessed. Should you desire to obtain your car back after it has been repossessed, you need to consult with JLT Law immediately after the repossession has occurred. Any delay will result in the likelihood that the property will be lost forever.

Bankruptcy and Divorce

Many independent studies have concluded that the majority of divorces and other domestic relations disputes can be traced back to a financial origin. Divorce often results in one or both spouses ultimately seeking relief under the Bankruptcy Code.

A substantial amount of Divorce Attorneys are insufficiently aware of the impact that a Bankruptcy by one or both of the parties may have on a pending divorce proceeding. JLT Law offers consultation services with a party currently in the midst of a divorce (with or without their Divorce Counsel) to discuss the benefits and potential impact a Bankruptcy case may have on the divorce proceedings. There is language that can be included within the divorce documentation that will provide future protection to a party involved in a divorce proceeding, and most Divorce Attorneys are not familiar with it. Once the Divorce Decree has been entered by the Court, it is too late to provide protection that may otherwise be available to you through a Bankruptcy Case. You deserve to be aware of the potential impact a Bankruptcy case by either yourself or your ex-spouse may have on your financial future. Although we are not your actual Divorce Attorney, we at JLT Law can provide consultation services to evaluate your personal circumstances and offer advance planning to aid in making the best choices for your prospective financial future, prior to your divorce being completed.

 

Student Loan Assistance

 

JLT Law is one of the few law firms in the State of Utah that will consider litigation of your student loan obligations. Most Attorneys will simply identify that Student Loan debt is essentially non-dischargeable, even in Bankruptcy. That is only half of the story. Consult with JLT Law to evaluate whether you have sufficient factual basis to potentially request the Court to relieve you of your Student Loan debt.

Home Loan Modifications

There is a tremendous amount of publicity related to mortgage modifications that has proven to be misleading to consumers. It has generated an entire industry of businesses willing to take advantage of unsuspecting homeowners. The vast majority of attempts at loan modification are unsuccessful, and actually result in a homeowner being in a much worse financial position than they originally were at the beginning of the process. The procedures adopted by the mortgage companies are tedious, frustrating, and time consuming. Most often the same documentation is required to be provided multiple times before the mortgage company ultimately denies the attempted modification. Consult with JLT Law to learn more about the process; you need to be prepared to proceed with a Bankruptcy filing once the mortgage company rejects the application for modification because they will immediately proceed with foreclosure based upon the fact that you are delinquent on your house payments (despite the mortgage company being the one who instructed you to stop making your payments during the modification process). One of the primary reasons for most people having difficulty making their house payments is the remainder of their debts which prevent them from maintaining what tends to be their largest monthly obligation. Nonetheless, if you choose to proceed with requesting a mortgage modification, JLT Law is here to help should you elect to have a legal professional assist you in that regard.

Creditor/Third Party Representation

There is no better qualified person to represent the “enemy” than a “double agent” with decades of experience; and JLT Law fulfills that need. Although JLT Law primarily represents Debtors in Bankruptcy, the law firm has ventured out to enter appearances on behalf of Creditors and other Third Parties who find themselves thrust into the Bankruptcy arena. JLT Law offers assistance to those who need Proofs of Claim prepared and filed, Objections to Chapter 13 Plans, Law and Motion matters, and various other actions within the Bankruptcy Court. Similarly, as a “hired gun” JLT Law is available to prosecute and/or defend against Adversary Proceedings which may be instigated within the Bankruptcy realm.

Expert Witness Classification

Jory L. Trease, the Senior Attorney at JLT Law, has been successfully recognized and classified as an Expert Witness in multiple cases within the federal U.S. Court for the District of Utah. Mr. Trease is qualified to testify in all State and Federal Courts within the boundaries of the State of Utah, both in criminal and civil matters. Attorneys regularly seek counsel from JLT Law with respect to the potential impact of Bankruptcy principles within their pending cases. Review, analysis, consultation, and testimony, are a few of the services provided by the legal professionals at JLT Law.

Appointment of Professionals

JLT Law has established a nicheʹ within the legal community of representing professionals who find themselves immersed within a Bankruptcy proceeding. Realtors, Accountants, Special Counsel, and Automobile Salesmen, have all fallen victim to losing their commissions and fees due to failing to protect themselves by being recognized as a professional within a pending Bankruptcy case. JLT Law is capable and qualified of processing the necessary documentation to obtain a Court Order appointing the professional involved to assure their fees and commissions are properly paid upon the completion of the respective transaction.

Legal Consultations (dispute resolution/pre-bankruptcy planning)

Given the potential impact of a future Bankruptcy proceeding upon various personal and business operations, JLT Law offers their services through general legal consultations, dispute resolution, and pre-bankruptcy planning for those that suspect a Bankruptcy matter is imminent or likely to occur. Planning for the inevitable or potential Bankruptcy is an acceptable means of being prepared. Assuring one has a “Plan B” or other alternative simply makes good business sense for individuals as well as business organizations. JLT Law is here to help in the analysis and planning for anyone who believes a Bankruptcy case will have an affect upon their life or business in the future.