bankruptcy

Will I Lose my Car if I file a Utah Chapter 7 Bankruptcy?

Minivan driver sits on side of road and holds his head during evacuation of his vehicle. Tow truck service business concept.

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.

Ryan E. Simpson
8833 S. Redwood Road, Suite C2
West Jordan, Utah 84088United States
Telephone: (801) 432-8682

Ryan E. Simpson

5.0 stars – based on 3 reviews
Salt Lake City, Utah

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Reviews for Ascent Law LLC Salt Lake City, Utah

Ascent Law LLC Reviews

John Logan

starstarstarstarstar (5)

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.

Ascent Law LLC Reviews

Jacqueline Hunting

starstarstarstarstar (5)

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!

Ascent Law LLC Reviews

Anthony Ziegler

starstarstarstarstar (5)

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!

Ascent Law LLC Reviews

Thomas Parkin

starstarstarstarstar (5)

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.

Ascent Law LLC Reviews

Yeran Merry

starstarstarstarstar (5)

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.

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