Are you behind on your mortgage payments? A Chapter 13 plan gives you a chance to catch up on your missed payments. You’ll be required to make monthly payments but the payments apply towards the missed mortgage payments allowing you to avoid foreclosure.
A successful Chapter 13 bankruptcy requires a payment plan of 3 or 5 years, depending on your income and other factors.
A Chapter 13 bankruptcy requires filing a plan with the court which proposes paying all or part of the money you owe to creditors from your future earnings. If the court approves your plan and you successfully make all of your payments then many of your debts will be eliminated. You will be stuck with some debts. For example, you will still have to pay domestic support obligations, most student loans, certain taxes, and criminal fines.
Set up an appointment today to see if a Chapter 13 bankruptcy is right for you.
Law Office of Eric Seyvertsen
120 North Hunter Street #307
Stockton, CA 95202