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Chapter 13 Bankruptcy

Utah Bankruptcy | Chapter 7 bankruptcy | Reay Law Firm Utah.Law

What is Chapter 13 Bankruptcy? An individual with regular income can file a Chapter 13 Bankruptcy or "Reorganization Case". After filing a Chapter 13 Petition, an individual proposes a plan to repay his or her creditors through monthly plan payments. Under the repayment plan, a debtor has the option of renegotiating interest rates and collateral value with some secured creditors (secured creditors have collateral attached to debts). The proposed repayment plan must be approved by the bankruptcy judge. A Chapter 13 Trustee is appointed to collect the monthly payments and make monthly distributions to creditors. A Chapter 13 Repayment...

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