Rocky Mountain Law - Family Law - Divorce - Probate - Estate Administration - Bankruptcy - Chapter 7

  Does Nigeria allow states to declare bankruptcy? Tim Cella used to work at several law firms I am no expert on this topic. I’ve been involved and seen many bankruptcy cases in the State of Utah in the United States. Nigeria is associated with a lot of scams in the US. With that being said, many of us don't bother to read the financial reports published by our states. Yet, a state that is heavily indebted can easily go bankrupt — at least in the US — under Chapter 9 of the United States Bankruptcy Code. While the federal government provides some funds for state budgets, most states are not responsible for using the federal funds prudently. They are also not accountable to the people and their state legislature. Therefore, a state that borrows federal funds to pay its bills can end up with huge debts that will hurt it in the long run. While the United Kingdom has a bankruptcy court, it is my understanding after doing research, that in Nigeria there is no bankruptcy court. Instead, ...

  Can cryptocurrency be divided during a divorce? Tim Cella Former Paralegal at  Ascent Law  (2018–2021) Yes. Absolutely. If you and your spouse have cryptocurrencies, you'll want to know how to divide these assets during your divorce. Cryptocurrencies can fluctuate in value dramatically, so it can be hard to determine the value of each other's possessions. Divorce proceedings can take months and sometimes years, so determining the value of cryptocurrency can complicate the process. If you end up going to trial, the value is likely determined by the evidence submitted and received at trial during the divorce. In Utah, judges like to use the value on the date of the trial, not the date the case is filed. Although, because there is a mandatory mediation requirement in family law cases, your case will likely be settled in mediation. With that said, in Utah, crypto is considered marital property if it is acquired during the marriage, which means that each spouse is ...

  What are the steps of filing for bankruptcy? Tim Cella used to work at several law firms One of the most common questions we would get at our law firm is, "What are the steps of filing for Bankruptcy?" It's a complex procedure, so we've broken it down into its basic parts. What you'll need are all of your personal information (full name, SSN, DOB, address); all of your debts, all of your assets, all of your income and all of your liabilities. You need to be able to convey this information in writing to the Bankruptcy Court using their forms. If you don’t use their official forms, your case will be dismissed (which means thrown out of court). Bankruptcy is a legal procedure that people use when they are unable to repay their debts. They may have a hard time dealing with their creditors and the constant stress of knowing they cannot pay off their debts. There are four main types of bankruptcy: Chapter 7, Chapter 13, Chapter 12, and Chapter 11. Each type of bankrup...

  How does bankruptcy chapter 13 work? Tim Cella used to work at several law firms When you are facing the prospect of filing for bankruptcy, a Chapter 13 can sound like a dream come true. You get to keep your assets and discharge some of your debts. In a Chapter 13 Bankruptcy there is always a payment plan that will allow you to catch up on some of your missed bills over time. I’ve seen what are called “zero percent” bankruptcy plans, “lump sum” plans and other “step up” plans. But ultimately you need to realize that you are paying some of your creditors back in the chapter 13 plan. You or your bankruptcy lawyer write up the plan and then creditors can object to it. A chapter 13 trustee oversees the plan and makes sure it complies with the law or the chapter 13 trustee will object to the plan. Basically, a Chapter 13 Bankruptcy is for individuals who have regular income and want to pay off their debt over time. It allows you to keep your property and pay off creditors a portion of...