Reorganizing Your Debt Through Chapter 13
Chapter 13 bankruptcy is for people who may not qualify for Chapter 7 or who can repay a portion of their debt or who have assets they would otherwise lose in a Chapter 7, but need the collections, interest rate increases and penalties to stop immediately. Chapter 13 involves reorganizing your debt by creating a payment plan that is overseen by the bankruptcy court.
With Chapter 13, you get immediate relief by significantly reducing your monthly payments on your debts. Chapter 13 can give you time to get caught up on late payments with mortgages, car payments or other loans. If you’re behind on mortgage payments, car payments, etc., and want to keep those things, Chapter 13 is usually the tool you need. Note: Chapter 13 cases can be very complicated and should only be filed if you have a skilled bankruptcy attorney.
Contact me, attorney Roger Kraft, and I will review your financial situation and explain your options. I am an experienced Salt Lake City Chapter 13 bankruptcy attorney and will provide you with practical and straightforward answers to your debt relief questions. Please call 801-871-8353 or 800-640-3207, or complete my contact form. I can help.
Why Chapter 13 Bankruptcy?
Many of my clients choose Chapter 13 bankruptcy because:
- Their income is too high to qualify for Chapter 7.
- They have property they might lose in a Chapter 7.
- They have previously filed for bankruptcy in the past eight years.
- They want to keep their home. In some cases, it is possible to remove a second mortgage.
- They want to stop creditor calls.
Whatever your situation may be, I will help you make an informed decision about what method is best for you. At the end of your first appointment with me, I usually can give you a good idea of what your payments will be under a Chapter 13 plan and what assets you can keep. Generally, the upfront costs to file Chapter 13 are low and are payable over the length of your repayment plan.
Fight Repossession With Chapter 13 Cram Down Bankruptcy
In addition to the other benefits Chapter 13 plans offer, if you are upside down in the value of your car or you are facing repossession of a car or some other personal property, I can explain how we can “cram down” the loan. Essentially, this involves reducing the loan to the current value of the property. You get to keep the property and only pay back what it’s worth, at a reasonable interest rate.
For more information about how Chapter 13 works, please visit my Frequently Asked Questions page.
Contact Roger A. Kraft, Attorney at Law, P.C. | Utah Repayment Plan Attorney
To schedule a free initial consultation, call me at 801-871-8353 or 800-640-3207. You can also contact me online. Evening and weekend hours are available by appointment. My office is centrally located near all courthouses from Provo to Ogden. My rates are affordable, and I accept credit cards.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.