What is a Chapter 13 Bankruptcy Utah Lawyer?
A Chapter 13 Bankruptcy Utah lawyer helps individuals and families create a “repayment” bankruptcy plan who may not otherwise qualify to file for Chapter 7 bankruptcy protection. The experienced bankruptcy attorneys at Pearson, Butler & Carson, PLLC, have collectively filed over thousands of bankruptcy petitions over the past 10 years.
What Happens if I Hire a Chapter 13 Bankruptcy Utah Lawyer?
The Chapter 13 Bankruptcy will assist you with filing for bankruptcy protection, which stops all collection activities, including home foreclosure sales, wage garnishments, vehicle repossessions, harassing collection calls, and other collection activities. Under a Utah bankruptcy Chapter 13, debtors repay their creditors all or part of their debts, based on what the debtors can afford, which is usually determined by their disposable income after making their monthly expenditures. The bankruptcy lawyer team sets up a monthly payment plan for a period of 3 to 5 years. Once the plan is completed, all of the unsecured debts are discharged.
In some cases, a Utah bankruptcy Chapter 13 may allow for a vehicle “cram down”, which reduces the principal amount the debtor owes on a car and only repay the auto loan based on the car’s current market value. Similarly, a Chapter 13 may allow a homeowner to file a “Chapter 13 lien strip”, which eliminates second mortgages and HELOCs by treating the upside-down home mortgage as unsecured creditor that is paid off over the 3 to 5 year period.
A Chapter 13 bankruptcy may provide better options for homeowners than declaring a Chapter 7 bankruptcy. For instances, many homeowners who are upside-down in their house and have a 2nd mortgage like the idea of filing a Chapter 13 lien strip. In addition, some debtors personally prefer filing Chapter 13 so that they can pay back part of the debt to their creditors.
Contact Experienced Chapter 13 Bankruptcy Utah Lawyer
Contact an experienced Chapter 13 bankruptcy Utah lawyer at Pearson, Butler & Carson, PLLC today at (801) 495-4104 and schedule a free bankruptcy consultation and take the first step toward a life free of uncertainty and debt. Also see our South Jordan bankruptcy lawyer, Salt Lake City bankruptcy attorney and Layton bankruptcy attorneys blogs.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.