Press Release: 2015 Utah Legal Elite

Douglas L. Barrett, for the tenth consecutive year, has been named as one of the “Legal Elite” lawyers in the State of Utah in a recent poll conducted by Utah Business, a state-wide publication. The announcement was made in the March 2015 Legal Resource Guild of the magazine.
The “Legal Elite” represent those Utah lawyers who their peers believe are the very best in their respective areas of practice. Barrett was selected for his expertise in “bankruptcy law.”
Mr. Barrett opened his own bankruptcy practice in Orem in 2001. He is well known for his aggressive representation of consumer debtors. During the past several years he has helped thousands of people file for bankruptcy protection in the U.S. Bankruptcy Courts. He is a member of the Utah State Bar Association, the National Association of Consumer Bankruptcy Attorneys and has been a frequent speaker on consumer bankruptcy law and personal finance issues throughout the state.

WHAT IS CHAPTER 13 BANKRUPTCY?

To be eligible to be a Chapter 13 debtor, individuals must meet, among other things, the following two requirements: (i) they must have a regular income, and (ii) their debts must not exceed a certain amount. If the individual’s current monthly income is less than the applicable state median income, the plan will generally be set up for three years, although the court may approve a longer plan. If the debtor’s current monthly income is greater than the applicable state median, the plan is generally for five years.

Chapter 13 bankruptcy filing is a way for individuals to undergo a financial reorganization supervised by a federal Bankruptcy Court. The Bankruptcy Code anticipates the goal of a Chapter 13 case as enabling income-receiving debtors debt rehabilitation provided they fulfill a court-approved plan. Compare the goal of Chapter 13 with the relief contemplated in Chapter 7 that offers immediate, complete relief of many oppressive debt(s).

Under Chapter 13, the debtor proposes a plan to pay his creditors over a 3 to 5 year period. During this period, his creditors cannot attempt to collect on the individual’s previously incurred debt except through the bankruptcy court. In general, the individual gets to keep his property, and his creditors end up with less money than they are owed.

For more information on Chapter 13 Bankruptcy in Utah check out: www.utahchapter13.com