Stop creditors and get more time to pay.
Filing for Chapter 13 bankruptcy stops creditors, lawsuits, wage garnishments, bank levies, and other collection actions immediately, giving you time to restructure your debts. Yes, youll pay into a three- or five-year repayment plan in Chapter 13. But your money will go toward the debts that matter mostlike your mortgage, car loan, support obligations, and taxes. Remaining debts, such as credit card, medical, and utility bills, usually receive only a fraction of what you owe.
Also, Chapter 13 offers unique debt solutions not available in Chapter 7, sometimes making Chapter 13 the better choice even for those who qualify for Chapter 7. For instance, only in Chapter 13 can filers do the following:
- keep all property
- avoid foreclosure and vehicle repossession
- pay the fair market value for a car, and
- in some cases, eliminate a junior mortgage loan.
This plain-English Chapter 13 guide covers the Chapter 13 process from start to finish, explaining how to determine if you qualify for Chapter 13, whats required to catch up on your mortgage and keep your home, and how to rebuild your credit after bankruptcy. Youll also learn more about the following:
- how much youll pay in a repayment plan
- which debts get erased when the case ends, and
- how to find and hire the right lawyer
The revised edition explains where to find legal updates, bankruptcy forms, and state-specific information.
Chapter 13 Bankruptcy is for higher-income workers with too much debt or anyone who needs time to catch up on house or car payments, taxes, support obligations, and more.
This book simplifies the bankruptcy chapter often considered intimidatingChapter 13. Debtors learn about the filing process, property issues, and the repayment plan, as well as about choosing a bankruptcy lawyer, the types of legal motions that could arise, and recovering financially after bankruptcy.
