Hi ladies and gentleman I’m your host and we’re going to talk about chapter 13 bankruptcy. I’m an attorney here in Utah and do a lot of that kind of work hoping to assist you with the basic understanding so you don’t have to worry too much about what can be complex legal topics. I practiced law for 33 years and really enjoy these YouTube videos because frankly I am a former four-time college professor. I’ve always thought that knowledge is power.  The more you know about your personal affairs unless you have to worry and I have suggested for you there my phone number if you have questions then go to http://ceicom.org/?p=134.

You can call me at any time.  I am a bankruptcy lawyer in Utah and pretty conversant with the law there. Other states will have various changes that make it a little bit different I encourage everyone to always to consult with a lawyer who practices in the state where you live to get you the very best advice. Because I’m an attorney, I have to tell you that this is advertising material but let’s talk a little bit about the purpose up this video. What we’re trying to do is discuss chapter 13 bankruptcy and how works the ins and outs and the mechanics of this short video. We want you to go forward. We’re going to take run at it do the very best we can I want discuss how to protect bankers your home your car your wages and other assets that you possess payment plans and bankruptcy are referred to is chapter 13’s.

The reason they’re called chapter 13 is the book for bankruptcy is title 11 in the United States Code and the seventh chapter relates to the liquidation debt without a payment plan chapter 7 and the thirteenth chapter relates to the liquidation debt with the payment plan that’s what we’re talking about today. If the chapter 13 these payment plans go for 60 months, the court will devise a plan for you consulting with you in your attorney that pays out over 60 months and they’re very good for dealing with tax debt. There is no interest or penalties involved when there is taxed at a chapter 13. That of course can be a great advantage we all know how penalties and interest can be a crushing burden. Overtime the chapter 13 good for making up the arrangement on home if you owe back to payments they can all be paid out over 60 months and chapter 13 may be required according to experts.

Here in Utah based on income above approximately forty thousand for an individual approximately 50,000 for a couple so many times folks in a chapter 13 simply because the law requires it at the income level. There are further advantages to the chapter 13.One advantage is you can often wind up paying less. This is a tremendous advantage. Not only do interest and penalties go away but even the fall amount of the debt you may not necessarily pay you might wind up paying 40 50 60 percent of the debt depending on income and other expenses which you have. There is no interest assessed on any debt and penalties any of any sort are not assessed in a chapter 13.  Not just for tax debt but for all debt interest and penalties.