We know you’re nervous, you’re concerned. Please be assured you are not alone. Many people (and probably some you know) have used bankruptcy to stop the downward spiral and prevent loss of their home.
Maybe you lost your job, are separated from a spouse, or were hit with unexpected medical bills, and fell behind with mortgage payments and a home needs to be saved for you or your children. Or, you need to protect a co-debtor.
Chapter 13 debt consolidation and repayment programs
Chapter 13 is a three to five year debt consolidation and repayment program for homeowners primarily, to allow for those with sufficient income or assets to get caught up. Each case is unique and requires the skill of attorneys like Suzann Beckett and her associates to design a Chapter 13 plan that can identify what debt can be completely discharged and how much can be paid monthly on non-dischargeable debt, such as:
• student loans
• child support
Plus, Beckett Law LLC is experienced in:
• preventing home foreclosure
• prolonging home repossession
• reducing principal or an interest rate on auto loans or other secured loans
Mortgage modification is an area of focus at this firm. Check out this recent sample:
How do I qualify for Chapter 13 Bankruptcy Protection?
Most people can file Chapter 13.
Either you file by choice, because it offers benefits that a Chapter 7 does not – or you file by necessity because you don’t qualify for a Chapter 7 (ex., your income is too high).
However, if you owe more than $394,725 in unsecured debt (credit cards, loans, etc) or $1,184,200 in secured debt (mortgages, liens), you may not be eligible for a Chapter 13. You may need to explore either Chapter 7 or Chapter 11 instead.
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