[b][Sandy, 09/14/2017][/b] – Utah Bankruptcy Pros assists in filing Chapter 7 and Chapter 13 bankruptcy. It helps borrowers with vehicle loans eliminate as much of their other debt as possible while retaining possession of their vehicle.

[b]Who is Eligible to Keep their Automobile during a Chapter 7 Bankruptcy?[/b]

During a Chapter 7 bankruptcy, motor vehicle exemptions decide if an individual can keep their automobile. The exemption, furthermore, helps borrowers protect the equity, or the difference between a car’s value and the balance owed, on the car.

Filing for a Chapter 7 is the best solution if the debts that a person incurs exceed more than half of their annual income or if their debts interfere with other aspects of their life. Those who are unsure of their financial situation can turn to Utah Bankruptcy Pros to retain possession of their automobile.

[b]Helping Clients Retain Possession of their Vehicle[/b]

Utah Bankruptcy Pros attorney, Jody Lamb Howe, helps debtors rebuild their credit and achieve financial security. It helps customers regain possession of their vehicle through the following options:

• Redemption funding – Debtors have the option to pay the trustee the current value of their vehicle in one lump sum. Through this strategy, a person can pay off the loan balance of the vehicle, instead of the actual value of the car.
• Reaffirmation agreement – During a reaffirmation agreement, a debtor and lender enter a new contract. With the new loan, borrowers can choose to continue with existing payment terms or negotiate with their lender for lower monthly payments.

[b]Chapter 7 Bankruptcy Prevents Repossession[/b]

Borrowers who are behind on their auto loan payments can file for a Chapter 7 bankruptcy to protect their vehicle from repossession. Filing for a case with the bankruptcy court prevents creditors from taking any action to repossess a borrower’s vehicle without permission from the court.

[b]About Utah Bankruptcy Pros[/b]

Utah Bankruptcy Pros has been representing clients in Chapter 13 and Chapter 7 bankruptcy cases for more than 30 years. They help clients achieve financial security by solving complex financial difficulties, such as lowering home mortgages, eliminating second mortgages, reconstructing debt, and preventing creditor action, and more.

[b]To learn more, visit utahbankruptcy.com[/b].