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Utah Chapter 13 Bankruptcy Attorney

The Utah law firm of Ryan E. Simpson is devoted to helping individuals and couples find relief from debt by using the protections of the Bankruptcy Code. From our office in Salt Lake City, we have helped many consumers file for Chapter 13 bankruptcy and make a fresh start. Ryan is a top bankruptcy attorney with decades of experience.

Chapter 13 Bankruptcy attorney in Salt Lake City

Often, people who file for Chapter 13 bankruptcy face daunting debts and collection activity, but still have a steady income. Chapter 13 temporarily stops creditors from pursuing collection actions, allowing you to negotiate new, more manageable payment terms with your creditors. Furthermore, if you have obligations that cannot be discharged under Chapter 7, such as child support, student loans, and tax debt, Chapter 13 may be the right option for you.Learn more at http://markalexander.over-blog.com

Please see our Which Type of Bankruptcy is Right for Me page for more information regarding the differences between Chapter 7 and Chapter 13.

Chapter 13 Procedure

In Chapter 13 bankruptcy is the best way for you to get back on track, Bankruptcy Solutions will help you examine your finances and file a Chapter 13 petition. Then, we will work with you to draft a feasible payment plan, which will be submitted to the bankruptcy court. The payment plan shows how you will pay for your basic needs and make payments on your debts at the same time. After we file the payment plan, the court-appointed bankruptcy trustee holds a creditor meeting to address creditor claims and your financial status. During this proceeding, you may need to appear in court to challenge a creditor’s claim or if other issues arise.

Within 45 days of the creditors’ meeting, the court holds a confirmation hearing to determine whether the proposed payment plan is acceptable or if changes need to be made. We will represent you during all of these proceedings in order to promote your interests and protect your rights during bankruptcy. After your payment plan period begins, creditors cannot charge interest on your debts; rather, all payments go straight to the principal balance of each debt. This way, you can pay off your debts as quickly as possible–a major benefit of Chapter 13. This is why you need a bankruptcy attorney.
The Chapter 13 payment plan expires in three to five years, depending on the specifics of the payment plan. At that time, the court generally discharges any remaining unsecured debts.

Stopping Foreclosure with Chapter 13

Chapter 13 bankruptcy may be the answer if you have fallen behind on mortgage payments and face foreclosure. Under Chapter 7, a debtor may exempt the equity in the home from liquidation, but this may not mean much if the homeowner has not built up much equity and still faces a massive mortgage. As a Chapter 13 debtor, you can catch up on past due mortgage payments as part of your repayment plan, thereby saving your home from foreclosure and resuming normal monthly mortgage payments.

Seek Support during Bankruptcy

While bankruptcy should not be taken lightly, it is not the end of the world. In fact, it can be a new beginning for you and your family. However, you must position yourself in the best financial situation possible when you come out of bankruptcy. The West Jordan, Utah bankruptcy attorneys at Ryan E. Simpson law firm are committed to helping individuals and families through the bankruptcy process.

We assist you with each aspect of your case, from the time you file your bankruptcy petition through the development and court confirmation of your repayment plan. Also, we work to make the bankruptcy process as comprehensible and as stress-free as possible. With us, you can be confident that you will not only make it through the bankruptcy process, but be on the path toward a positive financial future. Contact our offices today for a free initial consultation.

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