BANKRUPTCY REPRESENTATION FOR MORE THAN 

100 YEARS COMBINED

How can Ch. 13 help you keep your home?

If you are one of the many Americans who are overwhelmed with credit card bills, medical expenses and mortgage payments, you may have considered bankruptcy as an option to gain financial freedom. In fact, bankruptcy may help you manage and eliminate your debt, while enabling you to keep your home and other possessions. Under Chapter 13 bankruptcy, there are steps you can take to make your debt payments more manageable and get out from under the reign of bills and expenses. 

If you have fallen behind on your mortgage payments, Chapter 13 can help to save your home from foreclosure. The trustee appointed to your case will organize your debt and issue affordable monthly payments that will help to eventually relieve your debt. He or she may reduce interest rates, lower monthly payment amounts and consolidate your expenses to minimize payments.

Depending on the circumstances surrounding the case, you may have up to five years to repay the debt. Keep in mind that if you fail to make your monthly mortgage payments or loan payments after filing Chapter 13, you may still lose your home. This may also work in reorganizing vehicle loans.

Once you file your Chapter 13 paperwork, creditors are not allowed to contact you regarding late payments and owed debt. This automatic stop prohibits creditors from taking certain actions, such as garnishing wages, initiating lawsuits, making phone calls, sending mail or engaging in any other harassing measures.

This information is intended to educate and should not be taken as legal advice.