Basically, it all depends. When a West Jordan Chapter 7 Bankruptcy is filed, this results in an automatic stay, and this stops creditors from collecting further debt from you or taking your car away. However, if you keep the auto, you must continue to make payments via the same terms. Your choices are to either reaffirm, redeem or surrender the debt.
Reaffirmation
If your creditor agrees to renegotiate the original terms of your debt, this means you’re reaffirming your debt. The bankruptcy never took place and life goes on as if nothing happened. Usually, creditors give better terms when this happens. However, if you’re grossly in arrears, creditors may not be willing to renegotiate.
Redemption
Most people never use this option. But it allows you to give your creditor a lump sum payment that equals the car value as opposed to the balanced owed.
Surrender
You have the option to return the car that you’re paying on. But it must be done within 30 days of the Creditors Meeting. You will no longer be responsible for this debt. If your goal is to change your interest rate or modify the loan terms then you should explore filing a West Jordan Chapter 13 Bankruptcy.
8833 S. Redwood Road, Suite C2
West Jordan, Utah 84088United States
Telephone: (801) 432-8682
Ryan E. Simpson
About Salt Lake City, Utah
Neighborhoods in Salt Lake City, Utah
Poplar Grove, The Avenues, Ballpark, Lower Avenues, Downtown, Woodbury, Central City, Neighborhood House, Salt Lake City Community Development, Rio Grande, The Neighborhood Hive, Neighborhood Services, University Neighborhood Partners, Salt Lake City, Neighborhood Auto Service, Sunnyside Park, Building at Rear, 537 West 200 South, Washington Square Park, Area 51, Brigham Young Historic Park
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Reviews for Ascent Law LLC Salt Lake City, Utah
John Logan
We've gotten divorce and child custody work from Ascent Law since the beginning because of my ex. We love this divorce firm! Staff is gentle, friendly and skilled. Tanya knows her stuff. Nicole is good and Ryan is fun. Really, all the staff here are careful, kind and flexible. They always answer all my questions, explain what they're doing and provide great legal services. I personally think they are the best for divorce in Utah.
Jacqueline Hunting
I have had an excellent experience with Ascent Law, Michael Reed is an absolutely incredible attorney. He is 100% honest and straight forward through the entire legal process of things, he also has a wonderful approach to helping better understand certain agreements, rights, and legal standing of matters, to where it was easy to know whats going on the entire process. I appreciate the competency, genuine effort put forth, and assistance I received from Ascent and attorney Michael Reed, and I will be calling these guys if ever I have the need again for their legal assistance! 5star review Wonderful attorneys!
Anthony Ziegler
This review is well deserved for Ryan and Josh. New clients should know they are worth the 5 star rating we give them. We needed 2 sessions from them because of the complexity of the matter, but they are both very passionate about his helping others in need. My sister needed bankruptcy and I needed divorce. Sometimes they go hand in hand but a large shout out to this team - also Nicole is one of the sweetest people you ever did meet - she offered me warm cookies!
Thomas Parkin
Mike Anderson and his colleagues & staff are knowledgeable, attentive and caring. In a difficult and complex case that eventually went to trial, Mike was the voice of reason and the confidence I needed. His courtroom abilities are amazing and I felt his defense of me was incredible. His quick thinking and expertise allowed for a positive result when I felt the World was crumbling. His compassion, after the case, has helped me return to a good life. I trust Mike and his staff. They are friendly and very good at what they do.
Yeran Merry
I worked with Attorney Alex and Paralegal Ami in my divorce case. I got to know the team very well over the course of two years. I cannot think of a better team to have worked with. Ami and Alex are not only exceptional law professions who are very knowledgeable and thorough, they are also the best human beings who empathize with the emotions I was experiencing. Alex was conscious of my budget and worked efficiently to try to reduce unnecessary legal expenses. My case also involved some dealings with a foreign country that Alex and his team had previously dealt with. They did an amazing job addressing cultural barriers in a very respectful manner and did not fall short in quality of work or in standards when dealing with some of these new challenges. Ami deserves a medal for being extremely professional, calming, and compassionate when it is needed most. When you need family law attorneys, call this firm. I now feel I can move forward with grace and dignity.
