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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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What are the circumstances that allows someone to file a Chapter

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What are the circumstances that allows someone to file a Chapter 13? We are behind on our current mortgage so our credit is bad and no one will allow us to take out a loan. How can we keep our home without being able to refinance due to bad credit and what are our options?

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificatiON

WALLSTREETESQ :

Can you afford the current mortgage?

WALLSTREETESQ :

A chapter 13 bankruptcy allows individuals who have income,

Customer:

Yes. It is a high interest, but haven't tried lowering it due to credit issues.

WALLSTREETESQ :

to reduce their unsecured debts so they can keep their home,

Customer:

we have a steady income, would chapter 13 be an option?

WALLSTREETESQ :

For example, if you file a chapter 13, the arrears you owe will be paid over a 60 months payment plan, and as long as you pay your current mortgage payment,

WALLSTREETESQ :

you can keep your home,

Customer:

ok, thank you so much. I'll try other options before, but at least I know this is an option.

WALLSTREETESQ :

also, if you have credit card debts or medical bills, you can force those debts to be reduced up to 99%, and than be paid over in 60 months

WALLSTREETESQ :

The chapter 13 plan is based upon how much you can afford every month, so if after all your expenses and mortgage is paid you have $200 left over,

WALLSTREETESQ :

that $200 is what you pay every month, for your unsecured debts,

Customer:

great information thank you.

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