Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is a debt repayment plan that is submitted for approval to a bankruptcy court judge. The length of the debt repayment plan is typically three to five years. Once your plan is approved, creditors are bound by the terms of the bankruptcy court order.
Through a Chapter 13 bankruptcy, you can gain additional time to repay your debts, and a portion of your overall debt load may be discharged as well. To speak with a lawyer about Chapter 13 bankruptcy, contact the law office of Theron D. Morrison in Ogden, Sandy or Logan, Utah.
Chapter 13 vs. Chapter 7
At your free consultation, we can discuss the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy to determine which option is best for you. Typically, people who choose to file for Chapter 13 bankruptcy do so for one of the following reasons:
- They have assets they want to protect from liquidation.
- They want to use a Chapter 13 bankruptcy to stop a home foreclosure.
- They want to repay their debts, but just need extra time to do so.
- They are not eligible for a Chapter 7 bankruptcy.
To learn more about Chapter 13 and Chapter 7 bankruptcy, contact us.
How Does Chapter 13 Bankruptcy Work?
After we answer your questions and you have decided that Chapter 13 bankruptcy is the best solution for your debt problems, we will begin the process by filing for Chapter 13 bankruptcy on your behalf. At the moment you file for bankruptcy, an automatic stay is created that bars most creditors from further collection activity, including harassing collection calls, home foreclosure, auto repossession, wage garnishments and civil lawsuits.
We will examine your financial situation to help create a three- or five-year debt repayment plan that we will submit on your behalf to a bankruptcy court. We will attend all hearings and handle all filings on your behalf.
If your debt repayment plan is not initially approved by the court, we will amend it and submit a new plan to the bankruptcy court judge. Once your plan is approved, your creditors must abide by the terms of the debt repayment plan. Your debt repayment plan will allow you to pay back your debts more gradually, and a portion of your debts may be discharged as well.
Contact Us
To speak with a bankruptcy attorney at our firm about your legal needs, call 801-528-4883 or contact us by e-mail.
