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Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Help » What is a Chapter 13 Bankruptcy? – Provo Bankruptcy Lawyers

What is a Chapter 13 Bankruptcy? – Provo Bankruptcy Lawyers


Bankruptcy Lawyers Provo Utah. Visit www.provoutahbankruptcylawyers.com or call us at (801) 701-2030 for more information about filing bankruptcy in Provo, UT. In this video, Corey discusses what is a chapter 13 bankruptcy. For more bankruptcy help, visit www.provoutahbankruptcylawyers.com Provo Bankruptcy Questions and Answers What is a Chapter 13 bankruptcy? If you’ve been thinking about bankruptcy and you want to know what a Chapter 13 is, here’s the most important part — this is what you need to know. If you’re trying to save an asset, if you’re trying to save a house, a car, or perhaps you’re trying to protect an asset, you might have what we call a “non-exempt asset”. Now that’s another video, we’re not going to talk about what is and what isn’t exempt. But you have something that is not protected –which by the way is very few things, don’t get stressed out by that– by the bankruptcy code. And so what you’re trying to accomplish by filing a Chapter 13 is you’re trying to work out with the creditor a way to set up the payments in a way that you can afford with your current income situation. It’s most applicable to somebody who might have recently gone through a job change or their income level dropped for whatever reason –it could be downsizing, it could be a cut in the hours that’s temporary, it could be that your job is seasonal– there are a lot of different reasons if your pay changed but it hasn’t gone away. If you still have the ability to pay in some way

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One Response to "What is a Chapter 13 Bankruptcy? – Provo Bankruptcy Lawyers"

  1. michsweet21 says:
    Thank you! but I have a question, can bankruptcy stop a foreclosure? we’re 2 months delayed on our mortgage and I’m scared about foreclosure.

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