Posted by: admin in how to file chapter 13 on
Billings Farnsworth asked:
Every 13 seconds, a house goes into foreclosure according to the Center for Responsible Lending. There are 6,600 new foreclosures a day and the numbers continue to get worse.
Many homeowners who are threatened with foreclosure and see no other way out except to file bankruptcy need to be aware of filing Chapter 13 as the last resort. Filing Chapter 13, another form of personal bankruptcy is designed to stop foreclosure and repossession, giving the homeowner a chance to catch up on the late mortgage payments.
Once the homeowner is approved, a new payment program is set up that covers a three to five year period. If all payments are made according to schedule by the end of the Chapter 13 repayment plan, the bankruptcy court may discharge or eliminate the balance of unsecured debts. (Unsecured debts are not tied to property such as a car or home but include credit card debt, medical bills, payday loans, utility bills, some personal loans, parking tickets.)
The main criterion for qualification is to have a steady income. If the homeowner is able to make steady payments on the repayment program, this is a way to retain the home. The best way to determine one’s qualification for filing Chapter 13 is to consult with a bankruptcy attorney, an expert who can advise and guide the homeowner through the correct filing procedures.
Don’t let the threat of foreclosure close the door on your ability to make rational decisions. Call a bankruptcy attorney to discuss your case; you won’t regret the decision to do so.
http://rexkaufman6721.webs.com/apps/blog/show/867595-using-chapter-thirteen-bankruptcy-to-stop-foreclosure
Tags: Utility Bills, Bankruptcy Attorney, plan, Unsecured Debts, Repayment Program, way Every 13 seconds, a house goes into foreclosure according to the Center for Responsible Lending. There are 6,600 new foreclosures a day and the numbers continue to get worse.
Many homeowners who are threatened with foreclosure and see no other way out except to file bankruptcy need to be aware of filing Chapter 13 as the last resort. Filing Chapter 13, another form of personal bankruptcy is designed to stop foreclosure and repossession, giving the homeowner a chance to catch up on the late mortgage payments.
Once the homeowner is approved, a new payment program is set up that covers a three to five year period. If all payments are made according to schedule by the end of the Chapter 13 repayment plan, the bankruptcy court may discharge or eliminate the balance of unsecured debts. (Unsecured debts are not tied to property such as a car or home but include credit card debt, medical bills, payday loans, utility bills, some personal loans, parking tickets.)
The main criterion for qualification is to have a steady income. If the homeowner is able to make steady payments on the repayment program, this is a way to retain the home. The best way to determine one’s qualification for filing Chapter 13 is to consult with a bankruptcy attorney, an expert who can advise and guide the homeowner through the correct filing procedures.
Don’t let the threat of foreclosure close the door on your ability to make rational decisions. Call a bankruptcy attorney to discuss your case; you won’t regret the decision to do so.
http://rexkaufman6721.webs.com/apps/blog/show/867595-using-chapter-thirteen-bankruptcy-to-stop-foreclosure