Looking to file for bankruptcy? You’re not alone. According to the Administrative Office of United States Courts, in 2021, annual bankruptcy filings totaled to 473,349 across all types of bankruptcy cases and may grow due to the economic recession in 2022. While the process can feel completely overwhelming, your attorney is here to be a resource to you and to get you the best possible resolution to your financial concerns.
Below, we’re discussing what Chapter 13 bankruptcy is, and how you can determine if your case is eligible for a Chapter 13 hearing in the Utah bankruptcy courts.
What is a Chapter 13 bankruptcy?
In bankruptcy, a Chapter 13 filing goes by a more common term — a wage earner’s plan. Essentially, you’ll be able to work with the court to create a plan for repayment to all of your outstanding debtors. Your repayment plan will not be made on an indefinite basis, however. Your installments will be paid out within three to five years from your case’s finalization date, with many cases opting for a faster repayment time.
Who determines the repayment rate in a Chapter 13 bankruptcy case?
You’re likely wondering: Who determines if you are able to receive a longer repayment time for your outstanding debt? In all bankruptcy cases, the judge will make the final ruling on your monthly amount for your repayment plan, and how long you will take to pay off the outstanding sum. Judges use a state median guideline to determine if your current flow of income is suitable to repay your debts within the faster timeline of three years, to minimize strain on debtors, and to reach as fair of a resolution as possible between both the debtor and the creditor(s). If your income is lower than the median, you may be given an extension on your repayment plan.
Will I ever get more than five years’ time to repay my debt?
Under Chapter 13 bankruptcy guidelines and U.S. bankruptcy law 11 U.S.C. § 1322(d), you will not be able to seek a longer repayment time than five years from the date of your case’s finalization.
What if I don’t repay my debt under Chapter 13?
It is never recommended to skip your Chapter 13 monthly payment(s) to reduce your outstanding debt. The court remains involved in your process to ensure that payments are being made. If you miss a payment or make a habit of being delinquent, this opens new opportunities in the court to change the type of bankruptcy classification that your case falls into. In most cases, this would be your Chapter 13 case changing into a Chapter 7 case classification, which would call for liquidation of any key assets you have to repay your outstanding debt.
How do I determine if Chapter 13 is right for me?
Chapter 13 offers several different benefits compared to other types of bankruptcy, which we’ll cover below. That’s why it is the first option for many people struggling with debt who are considering bankruptcy. If you’re looking into debt resolution via bankruptcy in Utah, we recommend consulting with a skilled bankruptcy lawyer to help you determine what the best option would be in your specific case. There are specific regulations outlined in United States bankruptcy law that help your lawyers to determine eligibility.
For a Chapter 13 bankruptcy case, you must have unsecured debts that are “less than $465,275, and secured debts (that) are less than $1,395,875.” This is to put you in compliance with 11 U.S.C. § 109(e).
If you meet the income requirements, any person may choose to file for Chapter 13 bankruptcy. This includes those who are operating any type of unincorporated business or who are freelancing or self-employed.
What are the benefits of Chapter 13 bankruptcy?
The main advantage for many people pursuing Chapter 13 bankruptcy is the ability to protect their homes from foreclosure or any negative action taken to repay the outstanding debts. They also are able to avoid immediate liquidation, which is what would happen if they opted for a Chapter 7 bankruptcy case. However, it’s important to note — if you want to enjoy the benefits that a Chapter 13 bankruptcy case can offer you over other financial assistance options, it’s important to pay your monthly bill on time. As mentioned above, the court retains the right to shift your case’s classification if they believe that payment(s) have been missed or delinquent.
Ascent Law can help you navigate bankruptcy in Utah
If you’re facing bankruptcy in Utah, you don’t have to face it alone. The team at Ascent Law is here to help you to navigate every step of the bankruptcy process, from administrative filing to arguing your case. Our team has years of experience and a long track record of success with customers like you, and are fully prepared to help you succeed at this method of debt resolution. For more information and to book your free intro call today, please visit our website.
Salt Lake City
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Salt Lake City, Utah
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|---|---|
| City of Salt Lake City[1] | |
Clockwise from top: The skyline in July 2011, Utah State Capitol, TRAX, Union Pacific Depot, the Block U, the City-County Building, and the Salt Lake Temple
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| Nickname:
“The Crossroads of the West”
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Interactive map of Salt Lake City
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| Coordinates: 40°45′39″N 111°53′28″WCoordinates: 40°45′39″N 111°53′28″W | |
| Country |  United States |
| State | Utah |
| County | Salt Lake |
| Platted | 1857[2] |
| Named for | Great Salt Lake |
| Government
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| • Type | Strong Mayor–council |
| • Mayor | Erin Mendenhall (D) |
| Area | |
| • City | 110.81 sq mi (286.99 km2) |
| • Land | 110.34 sq mi (285.77 km2) |
| • Water | 0.47 sq mi (1.22 km2) |
| Elevation
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4,327 ft (1,288 m) |
| Population | |
| • City | 199,723 |
| • Rank | 122nd in the United States 1st in Utah |
| • Density | 1,797.52/sq mi (701.84/km2) |
| • Urban
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1,021,243 (US: 42nd) |
| • Metro
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1,257,936 (US: 47th) |
| • CSA
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2,606,548 (US: 22nd) |
| Demonym | Salt Laker[5] |
| Time zone | UTC−7 (Mountain) |
| • Summer (DST) | UTC−6 |
| ZIP Codes | |
| Area codes | 801, 385 |
| FIPS code | 49-67000[7] |
| GNIS feature ID | 1454997[8] |
| Major airport | Salt Lake City International Airport |
| Website | Salt Lake City Government |
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Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, as well as the seat of Salt Lake County, the most populous county in Utah. With a population of 199,723 in 2020,[10] the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,606,548 (as of 2018 estimates),[11] making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin (the other being Reno, Nevada).
Salt Lake City was founded July 24, 1847, by early pioneer settlers, led by Brigham Young, who were seeking to escape persecution they had experienced while living farther east. The Mormon pioneers, as they would come to be known, entered a semi-arid valley and immediately began planning and building an extensive irrigation network which could feed the population and foster future growth. Salt Lake City’s street grid system is based on a standard compass grid plan, with the southeast corner of Temple Square (the area containing the Salt Lake Temple in downtown Salt Lake City) serving as the origin of the Salt Lake meridian. Owing to its proximity to the Great Salt Lake, the city was originally named Great Salt Lake City. In 1868, the word “Great” was dropped from the city’s name.[12]
Immigration of international members of The Church of Jesus Christ of Latter-day Saints, mining booms, and the construction of the first transcontinental railroad initially brought economic growth, and the city was nicknamed “The Crossroads of the West”. It was traversed by the Lincoln Highway, the first transcontinental highway, in 1913. Two major cross-country freeways, I-15 and I-80, now intersect in the city. The city also has a belt route, I-215.
Salt Lake City has developed a strong tourist industry based primarily on skiing and outdoor recreation. It hosted the 2002 Winter Olympics. It is known for its politically progressive and diverse culture, which stands at contrast with the rest of the state’s conservative leanings.[13] It is home to a significant LGBT community and hosts the annual Utah Pride Festival.[14] It is the industrial banking center of the United States.[15] Salt Lake City and the surrounding area are also the location of several institutions of higher education including the state’s flagship research school, the University of Utah. Sustained drought in Utah has more recently strained Salt Lake City’s water security and caused the Great Salt Lake level drop to record low levels,[16][17] and impacting the state’s economy, of which the Wasatch Front area anchored by Salt Lake City constitutes 80%.[18]
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
Things To Do in Salt Lake City, Utah
Bus Stops in Salt Lake City, Utah to Ascent Law LLC
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Bus Stop in State St @ 1428 S Salt Lake City, Utah to Ascent Law LLC
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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.
