Can you only afford to make the minimum monthly payment on your debts? Are you struggling just to survive? Bankruptcy may be an option for you.
Benefits of Salt Lake City Chapter 7 Bankruptcy
Utah Chapter 7 Bankruptcy also known as a “Liquidation Bankruptcy” , will result in a full discharge of most of your debts (some debts are not dischargeable in a Utah Chapter 7 Bankruptcy). The benefits of filing bankruptcy include but are not limited to:
- Discharge of most of your debts
- A stay to all lawsuits
- Immediate relief from a wage garnishment
- Homeowners can retain equity in real estate
- You get to keep your exempt property
- You may keep your car if you can afford the regular monthly payments
Benefits of Salt Lake City Chapter 13 Bankruptcy
Utah Chapter 13 Bankruptcy also known as a “Reorganization Bankruptcy” allows a debtor to pay off their debts over a three to five year period. Some of the benefits of filing a Utah Chapter 13 Bankruptcy include but are not limited to:
- As with Chapter 7, all creditor action against you must be stayed
- You pay back a portion of your unsecured debt interest free
- Foreclosure actions are stalled and possibly stopped while you make your payments to the trustee
- You may keep all of your property
- You may reduce your overall monthly payments by having your debts consolidated into one payment to the bankruptcy trustee
- Car loans can be modified
Schedule a Free Initial Consultation
To discuss whether you should file a Utah Chapter 7 Bankruptcy or a Utah Chapter 13 Bankruptcy, contact us by Phone at (801) 432-8682 or email us.