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
Can you afford the current mortgage?
A chapter 13 bankruptcy allows individuals who have income,
Yes. It is a high interest, but haven't tried lowering it due to credit issues.
to reduce their unsecured debts so they can keep their home,
we have a steady income, would chapter 13 be an option?
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,
you can keep your home,
ok, thank you so much. I'll try other options before, but at least I know this is an option.
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
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,
that $200 is what you pay every month, for your unsecured debts,
great information thank you.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).