Salt Lake City Bankruptcy Lawyers

What are the Advantages of Chapter 13?

There are a number of specific advantages of filing for bankruptcy under Chapter 13 of the U.S. bankruptcy code. Perhaps the most significant advantage is the fact that filing for Chapter 13 will offer a homeowner the opportunity to save his or her home from foreclosure. Filing for Chapter 13 places an “automatic stay” on foreclosure proceedings and can give a homeowner the opportunity to work out a payment plan to repay past due payments and late fees over time. It may also give a homeowner the opportunity to carry out another action to avoid foreclosure, such as a short sale, loan modification or deed in lieu of foreclosure.

Another major advantage of Chapter 13 bankruptcy is that individuals are given an option to reorganize their debt and pay part or all of it over time, rather than face the liquidation of their assets that would occur under Chapter 7.

Find out if Chapter 13 is Right for You

Although there are advantages to Chapter 13, there are potential disadvantages as well – and it is important that you fully understand exactly how bankruptcy will affect you now and in the future. A Salt Lake City bankruptcy lawyer at the Stone Law Firm can meet with you to discuss your particular financial situation and how Chapter 13 bankruptcy may be able to help you.

It is important that you make the choice that is truly right for your situation, and that is our goal at the Stone Law Firm – to help you make the right choice. We have the knowledge and experience that is required to conduct an honest and thorough evaluation of your situation to see exactly what the advantages of filing Chapter 13 will be for YOU. We represent clients throughout all of Salt Lake City, Ogden and Provo, Utah and offer a free initial consultation to help you get started.

To learn more about the advantages of filing for Chapter 13 bankruptcy, contact a Salt Lake City bankruptcy attorney at our firm today!