Chapter 13 bankruptcy is the reorganization of a portion of your debts with a comfortable payment you can afford to pay. You generally do not have to repay all your debts!

STOP HOME FORECLOSURES - SAVE YOUR HOME! Chapter 13 bankruptcy can also be used to stop home foreclosures. You may take 3 to 5 years to catch up on your back house payments. You can also take 3 to 5 years to catch up on your back condo or mobile home payments, and, best of all, you won’t lose your home. You may even be able to eliminate your second and third mortgages with a Chapter 13 bankruptcy. You can also often lower your automobile, mobile home, and furniture payments in a Chapter 13 bankruptcy. Chapter 13 bankruptcy is often used to pay IRS taxes that would not be eliminated in a Chapter 7. Under a Chapter 13 payment plan, the interest and penalties on these taxes generally stops. You are allowed to pay the IRS with a monthly payment that you can afford to make. The IRS cannot garnish your bank account, attach your wages, call you at work, or put a lien on your property. But remember, if the taxes are more than 3 years past due, we may be able to totally eliminate the tax by filing bankruptcy. Chapter 13 bankruptcy establishes a reasonable monthly payment for the debtor to pay to the bankruptcy trustee. The trustee then distributes this payment to the debtor’s creditors. Chapter 13 bankruptcy generally only requires debtors to repay a small portion of their total debt. YOU GENERALLY DO NOT HAVE TO PAY ALL OF YOUR DEBT BACK WHEN YOU FILE A CHAPTER 13 BANKRUPTCY! THIS IS WHY FILING A CHAPTER 13 BANKRUPTCY IS MUCH MORE BENEFICIAL THAN SIMPLY CONSOLIDATING YOUR DEBTS THROUGH A CREDIT COUNSELING AGENCY.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.