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Debtor Rights

Stokes Law PLLC | Protecting What You Value Most

Chapter 13 Bankruptcy

Chapter 13 is essentially the opposite of a Chapter 7. Instead of getting a discharge of all your debts, you end up paying at least some of your debts back in a payment plan. Instead of losing your non-exempt property, you can keep most, if not all, of your property depending on the particular case. You might ask what benefit a Chapter 13 has if all of your debts are not discharged (forgiven). Here’s a few: 1) your creditors can’t bug you during the bankruptcy period which could provide a lot of protection for a long time; 2) You can obtain very favorable interest rates on your current debts and even lower your principle balances; 3) your payment plan will be shaped around your income, so if you are currently overextended then this can reduce the monthly payments, basically a glorified refinance structure; and 4) in the end, if you finish out the payment plan, you can receive a significant discharge of any debts remaining that have not been paid off.

There are three reasons we would encourage you to file a Chapter 13 instead of a Chapter 7: 1) you make too much money and you don’t qualify for Chapter 7; or 2) you own too much property that would be exposed to liquidation in a Chapter 7; or 3) you have a previous bankruptcy that is too fresh to file a Chapter 7.

Give us call today to set-up a free consultation to discuss more about your bankruptcy options at (800) 681-1529.

​We are a debt relief agency. We help Utah and Arizona individuals and businesses file for bankruptcy under the U.S. Bankruptcy Code. The information in this website is not intended as legal advice or to create an attorney-client relationship. The information, documents or forms provided herein are only intended for general information purposes and must not be regarded as legal advice. It is important that you seek legal counsel in order to ascertain your rights and obligations under the applicable law and based upon your specific circumstances.