Chapter 13 Bankruptcy
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Filing Chapter 13 Bankruptcy in Utah
The primary difference between a Chapter 13 bankruptcy and a Chapter 7 is that under Chapter 13, debtors pay some of their debt back to their creditors over a 3-5 year period depending on their circumstances. A person normally files under Chapter 13 to save their home or because they do not qualify to file under Chapter 7.
Do I Need a Lawyer to File Chapter 13 Bankruptcy?
When you work with the Green Legal Group, we will guide you through the entire process of filing for Chapter 13 bankruptcy in Utah. We will begin by helping you file for bankruptcy protection, which stops all collection activities, including wage garnishments, home foreclosure sales, vehicle repossession, harassing collection calls, and more.
What Else do I Need to Know About Filing for Chapter 13 Bankruptcy in Utah?
Under Chapter 13 Bankruptcy Filings, debtors will repay their creditors all or part of their debts, based on what the debtor can afford. Normally the amount they can afford is based on their disposable income after making monthly expenditures. Once a bankruptcy plan is completed, all unsecured debts are discharged.
Some Utah bankruptcy Chapter 13 cases will allow for a vehicle “cram down”, which helps to reduce the principal amount the debtor owes on a vehicle. The debtor will only repay the auto loan based on the current market value of the vehicle. Chapter 13 also allows homeowners to file a “Chapter 13 lien strip”, which will eliminate the second mortgage.
Chapter 13 is more commonly used for homeowners than Chapter 7 bankruptcy. If you are upside-down in your home and you have a second mortgage, a Chapter 13 lien strip is a great way to find financial relief. Chapter 13 does impact your credit, but not as significantly as you are paying back part of the debt.
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The Green Legal Group handle each of my three cases with delicacy, and performed strong when representing me during each case. I recommend them for difficulty cases, advocating fairness and justice, fighting legal matters on your behalf. They are transparent about their service and abilities. Best firm ever!
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