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4 Reasons Chapter 13 May Be For You

Chapter 13

 

Chapter 13 is a repayment plan that has been approved by the court. Debtors are able to pay back what they owe over a 3-5 year plan. There are a number of reasons why Chapter 13 can help.

  • You are behind on your home and the mortgage company won’t work with you. You can catch up or cure the missed payments (arrears) over 3-5 years and keep your home.
  • You can protect non-exempt property that a Chapter 7 Trustee would have the right to sell.
  • You can keep your car and may be able to “cram down” the payments based on what the car is worth today.
  • You need an affordable payment plan. You could pay the credit cards if they would accept smaller payments but you have defaulted and now they want the entire balance.

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Posted June 2014/Updated June 2016