Salt Lake City Bankruptcy Lawyers

Chapter 13 Attorneys in Salt Lake City, Provo & Ogden, Utah

If you are facing foreclosure or overwhelming debt and are considering bankruptcy, it is important that you take the time to consult a Salt Lake City bankruptcy attorney at the Stone Law Firm today. We have the experience and knowledge necessary to make an accurate evaluation of your financial situation and discuss your goals with you in order to determine whether a Chapter 13 bankruptcy may be the right choice for you. Your financial security and future are our number one goal, and you can count on our honest legal guidance when you contact us for a free initial evaluation with a skilled lawyer.

What is a Chapter 13 Bankruptcy?

A Chapter 13 bankruptcy case may also be referred to as a reorganization or wage earner’s plan. Versus Chapter 7, which involves the liquidation of assets to pay creditors, Chapter 13 involves a payment plan that a debtor pays over a period of three to five years. Allowing a debtor to create a payment plan in which he or she will repay part or all of his or her debts means that his or her property will be offered more protection than in Chapter 7 proceedings.

A Chapter 13 bankruptcy is often a viable option for debtors who have overwhelming debt or who are facing foreclosure and yet have steady incomes. Having a steady income, above the state median, means that a debtor will not qualify under Chapter 7. However, a successfully completed Chapter 13 payment plan will still result in the discharge of any remaining eligible debt – and filing for Chapter 13 bankruptcy will mean that an automatic stay will be placed upon all collection efforts, including foreclosure.

Contact a Bankruptcy Attorney at the Stone Law Firm

At the Stone Law Firm, we represent clients in Chapter 13 and 7 bankruptcy proceedings throughout all of Salt Lake City, Ogden and Provo, Utah. We welcome you to contact our firm as soon as you can in order to get the valuable legal guidance you need.

Contact the Stone Law Firm today to discuss your case with a skilled Salt Lake City bankruptcy lawyer.