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Chapter 13 Bankruptcy Utah Services

How Does Chapter 13 Bankruptcy in Utah Work?

In Utah, Chapter 13 bankruptcy allows you to reorganize your debt and keep your home, car, and other valuable assets. It is designed for individuals with a regular income to catch up on their payments over a three to five year period. Chapter 13 bankruptcy in Utah is also typically suited for individuals who own a home and want to stay in their home.

 

Chapter 13 Bankruptcy Lien Strip

A lien strip is possible in a chapter 13 bankruptcy when the fair market value of the property is less than the amount due on the senior lien. A second mortgage on a home is a common example of a junior lien that can be stripped if the value of the property is less than the amount due on the first mortgage. In this circumstance, the second mortgage can be stripped and the underlying note becomes unsecured and dischargeable. If the value of your home is worth less than you owe, you may be in a position to strip the junior liens and obtain a loan modification of the senior note.

Why Vannova Legal

Many consumer bankruptcy attorneys focus only on volume Chapter 7 and Chapter 13 cases. That works for most clients, but for individuals or businesses with multiple investment properties, substantial debt, or complicated matters, a Chapter 13 may not be the best answer. The attorneys at Vannova Legal are experienced in all areas of bankruptcy and have successfully confirmed Chapter 7, Chapter 13, and Chapter 11 cases. We understand the pitfalls of bankruptcy and will counsel you accordingly. And after we file, we are skilled to represent you through every step of the bankruptcy process and to handle the unexpected. Many firms only file your bankruptcy petition and represent you at creditor meetings, leaving you at a disadvantage if you want to obtain a lien strip or your case becomes complicated. Whether your case is simple or complex, you can be sure to receive cost-effective bankruptcy help from Vannova Legal bankruptcy attorneys in Arizona &  Utah.

 

The filing of a Utah Chapter 13 bankruptcy offers protection for your home, car and other types of exempt assets. A Chapter 13 bankruptcy petition will also stop a foreclosure or avoid a garnishment or repossession. The Chapter 13 bankruptcy filing creates an automatic stay that stops creditors from pursuing their collection efforts.

 

 

 

CHAPTER 13 BANKRUPTCY WILL STOP UTAH FORECLOSURE

Save Your Home and Eliminate Debt

 

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Jose L., Holladay, Utah
"Thinking about filing bankruptcy was the hardest thing my wife and I ever went through together...
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Diego and Mary C., Mesa, Arizona
"We were working with the bank to stop our foreclosure...
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Kathy H., Salt Lake City, Utah
"I was facing foreclosure and trying to do a loan modification on my own...
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