Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
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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.
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