Chapter 13

File Chapter 13 in Utah

What Is Chapter 13 Bankruptcy And What You Need To Know An individual’s right to file bankruptcy in Utah serves a purpose in our society. It allows people who find themselves underwater in debt another chance to succeed. Things happen in life such as health problems, loss of job, business failing, and many other things that leave a person no other option than bankruptcy. With out this right to bankruptcy, people could possibly live under this burden of debt for the rest of their lives, never having a second chance. You might hear about the different chapters of bankruptcy, such as Chapter 7 and Chapter 13. There are critical differences between these two filing types. However, if you're considering a chapter 13 bankruptcy, it's time to take a closer look at this process.

Chapter 13 Basics

A Chapter 13 bankruptcy consists of you working with your attorney to create a payment plan that will allow you to make monthly payments into the bankruptcy, based on what you can afford. In a lot of cases,this means that unsecured creditors get paid a small percentage of the balance owed. Regardless of how much unsecured creditors are paid, at the end of the Chapter 13 bankruptcy in Utah, you will no longer be responsible for the debt.

Main Benefits

Although the Chapter 13 payment plan is a 3­5 year process, as soon as you file a bankruptcy you are immediately protected from your creditors. It will stop all collections including garnishments,judgments, foreclosures, etc. The main benefit of a Chapter 13 compared to a Chapter 7 is that it will protect your assets, even if you have a lot of equity or if you are behind on your payments to secured creditors. For example, if you are behind on your house payment and you file a Chapter 7 then you could still lose your house if you can’t come up with the total arrears within a short amount of time. In a Chapter 13, it doesn’t matter if you are behind on your mortgage payments because the house is protected under the bankruptcy. If you can start making your regular monthly mortgage payments, then the Chapter 13 can take care of the mortgage arrears by the end of the 3­5 year process.

Finding the Right Help

You should hire an attorney that specializes in bankruptcy. Throughout the state of Utah, Robert Eder Jr., Attorney and Utah bankruptcy Inc. has been providing quality bankruptcy help for over 16 years. Robert Eder strives to keep clients informed of every step in the bankruptcy process. The bankruptcy process would be overwhelming for an individual to try and navigate alone without an attorney. Filing a bankruptcy involves a lot of specific paperwork and is extremely deadline driven. If a document is filed late, it could result in the dismissal of your bankruptcy. Robert Eder Jr., Attorney’s staff are professional with much experience. The attorney, Robert Eder Jr., has been practicing bankruptcy in Utah for 16 years and the staff’s bankruptcy experience ranges from 3 to 15 years. Because Robert Eder Jr. has such an experienced staff, you can feel confident that if you filed a bankruptcy with our office, you would always be working with a knowledgeable attorney or paralegal who has helped thousands of people, just like you, go through the bankruptcy process.

Preparing for Bankruptcy

The first step would be to call or text our office and schedule an appointment for a free consultation with the attorney, Robert Eder Jr. This free consultation can be for an appointment in the office or, if it’s more convenient for you, it can be an appointment by phone. After consulting with the attorney and he’s had a chance to hear your situation, he can explain the different bankruptcies to you and advise you as to whether a Chapter 7 or Chapter 13 would work best for you. There is no preparation, on your part, for this initial consultation with the attorney. You will not need to collect the information on all of your debt, income or expenses for this meeting. After consulting with the attorney, he can give you all of the information needed to get things started. He will let you know what to start working on and what documents will be needed.

Once you file a bankruptcy (Chapter 7 or Chapter 13) it puts an immediate stop to all collections. Creditors cannot continue to contact you. All contact with creditors must be through our office or the bankruptcy court. If you are considering a bankruptcy, a free consultation with Robert Eder Jr. will give you answers. The attorney will walk you through the process so that every detail is clarified. If you do file bankruptcy it will provide you with great relief from debt and it will be the first step in rebuilding your financial future.

Here is a summary of what you need to know about filing Chapter 13 Bankruptcy:

  • You can file a Chapter 13 bankruptcy even if you've already filed a Chapter 7 or 13 within the last 8 years.
  • Chapter 13 immediately stops garnishments, repossessions, collections, lawsuits, foreclosure, and harassment by all collectors, even the IRS
  • You can include all debts.
  • You consolidate your debts into one manageable payment.
  • For most debts, you pay back only what you can afford, not what you owe.
  • You can keep your house if you can start making your regular mortgage payments, and you may be able to refinance in 1 yr.
  • If you have a 2nd mortgage and your house value has decreased, you may be able to erase your 2nd mortgage.
  • The Court will not take any of your property or possessions.
  • If you are married, you can file a joint case with your spouse, or you can file by yourself.

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