What is Chapter 13 Bankruptcy

Chapter 13 Bankruptcy Chapter 13 Bankruptcy offers individuals a number of advantages over liquidation under Chapter 7. Chapter 13 can be a good solution for people who need time to pay off certain debts and who have enough income to meet the Chapter 13 requirements. Chapter 13 can also protect third-parties (“co-signers”) who are liable […]

Who can file a chapter 13 bankruptcy?

Chapter 13 provides debt relief to individuals. The debtor must have a regular source of income and his or her debt must be within limits set by law. The individual is eligible for Chapter 13 bankruptcy relief as long as the individual’s unsecured debts are less than $383,175 and secured debts are less than $1,149,525. […]

Advantages of a Chapter 13 Bankruptcy

Utah Chapter 13 Bankruptcy offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing a chapter 13, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage […]

What happens to my property in a Chapter 13 Bankruptcy

In a Utah Chapter 13 bankruptcy proceeding, debts included in the Chapter 13 plan must either be paid completely or the property securing the debt must be surrendered. On-going payments on home mortgages and other long-term secured debts may be made by the debtor directly to the creditor if it is properly recognized as outside […]

Why File for Chapter 13 Bankruptcy

One of the advantages of hiring a Utah Chapter 13 bankruptcy lawyer and filing for Chapter 13 bankruptcy is that creditors are required, by law, to halt any efforts on their part to repossess items or otherwise demand payments from the debtor. Furthermore, opting for Chapter 13 bankruptcy can, in certain circumstances, put a stop […]

Affordable Bankruptcy Attorney in Utah

Call Ryan Simpson When You Need an Affordable Bankruptcy Attorney in Utah Need to hire a bankruptcy attorney in Utah? When your debt becomes overwhelming, whether it is a foreclosure notice, wage garnishments, creditor calls, endless lawsuits and everything hurtful seem to crop up out of nowhere, call Ryan. Of course, bankruptcy is an immensely […]

Whether a non-filing spouse will incur any liability upon the filing of a bankruptcy?

A question that is frequently asked is whether a non-filing spouse will incur any liability upon the filing of a bankruptcy? Unless the non-filing spouse has co-signed on any of your debts, then the non-filing spouse will not have any liability for the debts. You are required to include your spouse’s income in the filing […]

How are tax liens treated in bankruptcy

There are two types of tax liens:  property tax lien and income tax lien.  Both liens have an impact on your bankruptcy, but the treatment may be different.  The treatment will also depend upon whether you filed a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy. Chapter 7 Bankruptcy If you are filing a Chapter […]

How a Chapter 13 Bankruptcy Works

A debtor seeking relief under Chapter 13 must provide a practical and reasonable plan to pay off some or all of their debt over a period of time.  A Chapter 13 bankruptcy plan lasts for 36 to 60 months depending upon your income.  In some circumstances, a debtor may be allowed to change interest rates on […]

Direct Payments Made by Creditors for Secured Claims

Upon confirmation of a Chapter 13 plan, any secured debt in which a debtor is making direct payments the following will occur: The automatic stay under 11 USC 362 and 11 USC 1301 is terminated as to the collateral of the secured debt. The claim will not be discharged. The trustee will not monitor the […]