Salt Lake City Bankruptcy Law Attorneys Help You Pay What You Can
Why file for Chapter 13?
Chapter 13 is a good bankruptcy solution for individuals or families who have valuable non-exempt assets they want to keep or for people who have disposable income, but not enough to service all their debt. A Chapter 13 bankruptcy filing forces creditors to accept a payment plan, helping you get your obligations paid off in a manner that you can afford. Most payment plans last from three to five years. This is a good option for those who may want to protect assets and who have a steady income. Additionally, a Chapter 13 may rescue you from a 2nd mortgage that has lost all of its equity or help you catch up back payments on your mortgages without interest. Chapter 13 can also help you pay only what your car is worth if you are stuck owing more than that. Smart, Schofield, Shorter & Lunceford is an experienced bankruptcy law firm that can help you choose if this is the right solution for your debt.
How we help you file
First, we help you decide if Chapter 7 or Chapter 13 is right for you. Next, we ask that you make a list of all your debts, assets and monthly expenses. A credit report can be helpful in obtaining that information and is available to you free at annualcreditreport.com. After that, our bankruptcy law attorney will meet with you and make sure all your necessary information is compiled so that we can file your bankruptcy petition with the court. You will have the opportunity to review in detail your petition prior to us filing since you are required to attest to its accuracy. We will also help you formulate a three to five year payment plan based on your budget and other needs. You are required to attend a 341 meeting of the creditors, prior to which you make your first payment according to the plan. You may also need to attend a plan confirmation hearing at which creditors or the trustee can decide if they accept your plan for repaying your debt. If there are no objections prior to the confirmation hearing, your plan will be confirmed or accepted by the Court. You must also receive credit counseling and a debtor’s education class before and after filing. Your Chapter 13 is discharged once your payment plan is complete.
Benefits to filing Chapter 13
There are many benefits to filing bankruptcy with the help of a Chapter 13 bankruptcy attorney. Your assets and property are not liquidated, with the exceptions of unpaid luxury items. You are allowed to have a say in how your debt is restructured and to pay it in according to your own budget. Chapter 13 also involves an automatic stay that keeps creditors at bay while you work things out in court, and it also applies to co-debtors.
Our attorneys at Smart, Schofield, Shorter & Lunceford have experience dealing with Chapter 7 and Chapter bankruptcy. We are here to answer your questions, put your mind at ease, and guide you through the process of resolving your debt.
Call a Salt Lake City bankruptcy law firm that gets you out of debt
Smart, Schofield, Shorter & Lunceford has experience helping families and individuals seek bankruptcy protection. Make the Smart call. Call us today at 801-747-0647 or contact us online for a free consultation about your case.