Chapter 13 Bankruptcy

   
   

A Trustworthy Salt Lake City Chapter 13 Bankruptcy Lawyer Can Help

All bankruptcies absolve debtors from their obligations, but different types of bankruptcies go about the process in different ways. Most people think bankruptcy means losing a great deal of personal property in order to repay your creditors. But some types of bankruptcies, when properly executed, risk none of your personal property. Chapter 13 is one such type of bankruptcy. It is not the right type of bankruptcy for everyone. You must meet certain financial criteria for the courts to even consider your petition. But if you think it might be the right answer for your particular situation, speak to an experienced bankruptcy lawyer like Salt Lake City Chapter 13 bankruptcy attorney Carl N. Anderson, III.

How Salt Lake City Chapter 13 bankruptcy works

Chapter 13 bankruptcies are also referred to as reorganization bankruptcies because that is exactly what they are. Rather than sell off your assets to repay your creditors, you devise a repayment plan that explains how you will repay your creditors as much of what you owe them as you can over a three- to five-year period.

Chapter 13 bankruptcies are also referred to as reorganization bankruptcies because that is exactly what they are. Rather than sell off your assets to repay your creditors, you devise a repayment plan that explains how you will repay your creditors as much of what you owe them as you can over a three- to five-year period.

Your plan must list priority debts, which are debts you must repay in full. These normally include student loans, alimony, child support and certain tax debts. Such debts include payroll if you are filing as a company.

If you have secured debts, like mortgages or car loans, your plan must define regular payments of those debts as well.

Finally, your plan must show that any disposable income you have left after paying your priority, and secured debts goes toward your unsecured debts. In most cases, these debts need not be repaid in full.

Do you qualify?

Before a court approves your Chapter 13 repayment plan, you must prove you have regular income sufficient to stick with your plan. Also, if your total debt burden exceeds certain limits, courts could rule you ineligible for the Chapter 13 process. You may still be eligible for other types of

To learn if you qualify for Chapter 13 bankruptcy, contact Salt Lake City lawyer Carl N. Anderson, III to discuss your case.

A Salt Lake City Chapter 13 bankruptcy attorney in your corner

Carl N. Anderson, III understands how Chapter 13 bankruptcy works as well as any bankruptcy attorney practicing today. He is willing to provide you with a free consultation regarding your case.

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Carl N. Anderson, III can help residents of Utah, Colorado and Nebraska through the complex and sometimes frustrating Chapter 7 bankruptcy process. Contact him online or at 801-285-0303 to arrange a free consultation today.

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