Carr Law

Bankruptcy

At Carr & Pew, we know that your life doesn’t have to be controlled by debt. STOP the harassing telephone calls, garnishments, foreclosures, lawsuits, and the constant worry about your debts. Don’t be afraid to open your mail. We have helped hundreds of people get relief from overwhelming, burdensome, and crushing debt. Please contact us TODAY for a Fresh Start!

At Carr & Pew, you will talk with an actual Attorney at your FREE Bankruptcy consultation. There we will explore your personal financial situation and circumstances and then analyze all of your options. You will receive advice tailored to your specific situation and you will understand if Bankruptcy is right for you.

Bankruptcy is your legal right! Do not believe what you have heard from friends, relatives, or co-workers. There are many myths about Bankruptcy that are just not true. Our friendly, competent Attorneys will give you the truth. Please do not feel embarrassed or ashamed about your financial situation. We will not judge, but we will work for your freedom from debt. Many successful and wealthy people have filed for bankruptcy, including Donald Trump. In life, many of us, if not all, need a “do over”. Unfortunately, our economy has taken a down turn and the numbers of Bankruptcies have risen to new heights, since the Bankruptcy Abuse Prevention and Consumer Protection Act passed in 2005. Do not let turbulent circumstances, many of which are out of your control, run or dominate your life. You have options available to help you. YOU ARE NOT ALONE!

Please call TODAY! "We Are A Debt Relief Agency. We help people file for bankruptcy."

Chapter 7 in Utah

For those who qualify, Chapter 7 provides a Fresh Start to individuals. Chapter 7 wipes away most debts, including credit cards, payday loans, repossession deficiency balances, most judgments, some tax obligations, and personal loans. Most debtors retain or keep most of their assets and personal possessions after filing chapter 7. State and Federal law dictate what individuals are entitled to keep. Our Attorneys will advise you what property you get to keep and what property, if any, is at risk. Typically, debtors keep their homes, cars, clothes, furniture, wedding rings, 401(k), IRA, and personal possessions.

You may have heard rumors that Bankruptcy laws changed in 2005, which now makes it more difficult to file for Bankruptcy. While the Bankruptcy laws did change, most individuals are still able to qualify and file for Chapter 7 Bankruptcy. The new law introduced the “means test”, which is based on IRS standards and median incomes. Our Attorneys understand the means test and the requirements to qualify for Chapter 7.

We help people get rid of their debt and start new lives, without the crippling burden of debt. In addition, we help people get out of houses they can no longer afford or houses that are worth less than what is owed on the mortgage. Let us help you make a rationale decision and instruct you how to leave your home. With our Tax Attorneys, we will also let you know of the tax consequences of losing a home.

After Bankruptcy, many creditors will be willing to extend credit to you. It is important that you use this credit carefully to reestablish your credit history and raise your credit score. Plus, the relief that comes from Bankruptcy is more important than your credit score. In some cases, credit will actually improve after the Bankruptcy because your debts are no longer on your credit.

Chapter 13 in Utah

For those who do not qualify for Chapter 7 or for those trying to save their home from foreclosure may be able to file a Chapter 13, which is commonly known as “reorganization”. A Chapter 13 typically lasts only from 3 to 5 years and consists of the debtor making regular monthly payments to the Trustee assigned to his or her case. The most common question is “What are my payments going to be?” Our skilled Attorneys will analyze your information and then determine the smallest payment legally possible. However, the actual amount of the payment will typically not be known until the debtor files for relief under Chapter 13. But, rest assured that the payment will not be more than you can afford. Our Attorneys will work with you to assess a fair and reasonable monthly budget. Typically, your payment to the Trustee will not exceed the amount that is left over each month, according to your budget.

Debtors payback creditors anywhere from 0% to 100% of outstanding unsecured debts, which typically include credits cards, most judgments, personal loans, and deficiency balances from repossessions or foreclosures. Chapter 13 allows debtors to pay creditors a monthly amount that is affordable. Interest and fees on unsecured debts stop to accruing as soon as a Chapter 13 is filed. At the end of your Chapter 13 term (3 to 5 years) any unsecured debts that remain are discharged and you walk away free from debt.

The advantage over Debt Counseling is that there is a guarantee of Federal debt relief. As long as the debtor complies with Bankruptcy law and fulfills all obligations under Chapter 13, at the end of the Chapter 13 plan a Debtor will be free from debt. In attempting Debt Counseling there is the risk that an unyielding creditor will not discharge the debt unless all or the majority balance is paid. Additionally, during bankruptcy you get protection of the “automatic stay” whereby generally creditors are disallowed from any collection action, such as lawsuits, garnishments, etc, while you are in bankruptcy – the debt relief agencies cannot provide this sort of guarantee legal protection. In addition, interest and fees continue to accrue and rack up. Don’t be fooled, a charge off or settlement on your credit can look as bad as a Bankruptcy.

Because of a loss of job, illness, sudden accident, or other unfortunate events, debtors may fall behind in their mortgage payments. Eventually the house is scheduled for foreclosure and the bank will not take any payment less than the full amount and refuse to work with the debtor. Chapter 13 can stop the foreclosure and give you time to catch up on the back payments. In addition, back payments on a car loan can also be included in a Chapter 13. Most vehicles will be paid in full by the end of your Chapter 13. Plus, some vehicles may qualify for a “cram down” which allows the debtor to pay only the current fair market value and not what is owed on the loan. Also, we may also be able to adjust the interest rate paid on vehicle loans, which may save you hundreds of dollars. Our Attorneys understand the law, which allows us to help you in the complicated world of Bankruptcy.

Eliminate Your Second Mortgage or Home Equity Line of Credit.

In a Chapter 13, some debtors qualify to “strip off” their Second Mortgage or Home Equity Line of Credit. Imagine having only your First Mortgage to pay. Plus, with most homes upside down (or underwater), meaning you owe more than the home is worth, homeowners need all the help they can get. While the news is spattered with talks of government rescue or loan modifications, it is mostly just talk. Most of these banks have received help or government assistance, but they will usually do very little for you. Some banks are willing to reduce interest rates and change variable mortgages to fixed, however very few will reduce the amount owed. For those who qualify, Chapter 13 forces second mortgages or home equity loans to be eliminated and treated as unsecured debt (similar to credit card debt). Currently, this is the best “bail out plan” for those hurt by the housing crisis.

Bankruptcy may not be the best solution in every case. We are not a “one size fits all” law firm. We have aggressive Attorneys to settle debts for those who have some assets or means to make settlements arrangement with creditors. Tax debts may also be settled for less than is owed by our Tax Attorneys’ relentless negotiation with the IRS or State. We have been successful at modifying mortgages for debtors that have fallen behind in their payments or who can no longer afford their mortgage payment. We explore all the options before we advise Bankruptcy.

Loan Modification Beware

Carr and Pew does not offer Loan Modification services. In the state of Utah you have to have a licence to represent someone in a modification.

"We are a debt relief agency. We help people file for bankruptcy."

Chapter 11 in Utah– BUSINESS

Due to the economy, many local businesses are facing tough times. Many have borrowed money to keep their business afloat. Many of these loans have high interest rates and cumbersome terms. At Carr & Pew, our Attorneys can help save your business. Chapter 11 affords businesses the time and resources to reorganize the debts, improve cash flow, and some time to improve the business. Small businesses can survive with a little help.

Chapter 11 is not always needed. Bankruptcy can be avoided by having a representative contact your creditors and work out alternative payment arrangements. Our Attorneys have worked out several agreements that benefits all parties involved while avoiding unnecessary legal expenses and conflict.

Please call TODAY and set up a consultation with one of our Bankruptcy Attorneys! Your business deserves the best!