Chapter 13

At Pearson Butler, we have decades of experience serving individuals, businesses, and families across Utah in over a dozen practice areas. With more than thirty qualified legal professionals, we have the resources and experience needed to resolve even the most complex legal matters.

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What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy, often referred to as a wage earner’s plan or reorganization, is a type of bankruptcy relief that allows a debtor to pay off the debt over time, while retaining assets. Under Chapter 13 bankruptcy, debt is reorganized and repaid in whole or through an agreed payment plan and may apply to individuals or businesses.

Any debt repayment plan must be approved by the court and could last up to five years, depending on whether the debtor’s monthly income is above or below the applicable state median. Once filing for protection under Chapter 13 of the U.S. Bankruptcy Code, a debtor is protected from collection efforts, lawsuits, and contact by creditors. This protection lasts for the duration of the repayment plan.

Interested in finding out if Chapter 13 bankruptcy may be right for you? Contact Pearson Butler to speak with a skilled Utah bankruptcy lawyer. The firm has handled over 5,000 bankruptcy cases.

Advantages of Filing for Chapter 13 in Utah

A Chapter 13 reorganization may offer a debtor certain benefits over a Chapter 7 liquidation. Under Chapter 13, you may be able to:

  • Save your home from foreclosure
  • Keep your company’s doors open while you restructure and repay debt
  • Reschedule and lower payments on secured debts
  • Protect third parties who are also liable for your debt
  • Avoid any and all contact with creditors

Every individual or business seeking bankruptcy protection will have different concerns and long-term goals, and that is why it is so important to consider all of your options before you file.

Choosing Between Chapter 7 and Chapter 13 Bankruptcy

When you file for Chapter 7, your assets will be assessed, protected, and most or all of your debts will be discharged.

Chapter 13 bankruptcy also examines your financial situation at the time of filing but focuses more on a repayment plan for any secured debt you are behind on while also discharging most or all unsecured debts.

Our chapter 13 attorney at Pearson Butler can help you find the best bankruptcy option for you.

Take the first step and arrange a confidential consultation with a seasoned Utah Chapter 13 lawyer at Pearson Butler. Give us a call today at (800) 265-2314.

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