Hi and thank you for your question. In the future, you can request me to answer any further questions.
Yes, Chapter 13 can help you.
Ch13 is a debt repayment plan. In it, you can cure the default on the mortgage over the next 3-5 years.
It will also pay back any other secured debt, like a car note, and pay off the consumer debt anywhere from 10% -100% based on your income and assets.
The student loan unpaid balance will remain, which you can then repay after the case.
The foreclosure process must stop instantly once you file the case. Many of my clients continue to work on the loan modifications during the case and you can bring a motion in the case for it's approval as well.
Thanks for your question, good luck to you.
What would I have to do first to do a chapter 13?And what exactly is consumer debt? Credit cards?
Would our best course be to get a bankruptcy lawyer to do the details that would probibly baffle us?
consumer debt is credit cards, medical etc.
Yes, it would be advisable to meet with a local bankruptcy lawyer.
Most offer free consultations.
You'll need to get together 6 months of income, last 4 years of tax returns.
You will need to complete a credit counseling course (can be done online) before you file as well.
the attorney will help calculate what your monthly payment will be .
As long as you file before a sale date, you can stop the foreclosure.
Do you have any further questions?
if you do, let me know. thanks
Will ch 13 affect student loans for my kids? Two will be graduating high school in 2012 and plan to go to college and one in 2014.
Are you asking about parent loans? or for the children applying themselves?
if you wish to incur debt during the case, you need approval from the court by motion, so for a parent loan, yes it is an issue.
it won't affect them applying themselves.
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