A question that is frequently asked is whether my clients can keep their car in a Chapter 7 Bankruptcy. The role of a Chapter 7 Bankruptcy is to wipe out certain debts. In a Chapter 7 Bankruptcy, you do not have the same statutory rights that you have in a Chapter 13 Bankruptcy to modify the terms of your car loan. In a Chapter 7 Bankruptcy you either keep the car with the existing car loan or you surrender the car and the debt associated with it. When deciding to keep a vehicle, I analyze with my clients the following: 1) is there equity in the vehicle; 2) what is the interest rate and terms of the car loan; and 3) what is the condition of the vehicle? If the vehicle has equity, the motor vehicle exemption allows a debtor to keep the vehicle so long as there is $3,000 of equity or less per spouse. If the rate and terms of the car loan are unconscionable, you can surrender the vehicle and wipe the debt in the bankruptcy. And finally, if the vehicle is a lemon and is in constant need of repair, you can surrender the vehicle and wipe the debt. Now, if my client decides to keep the vehicle, then they also keep the loan with the same terms and conditions. It is important to fully analyze your options when deciding to keep your vehicle in a Chapter 7 Bankruptcy.
Please call me today at (801) 432-8682 to discuss your specific situation and how Bankruptcy may be right for you.
8833 S. Redwood Road, Suite C
West Jordan, Utah 84088
United States
Telephone: (801) 432-8682
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.
