Chapter 13 Bankruptcy
Chapter 13 is sometimes the best option because it allows the debtor to catch up past due mortgage payments and stop foreclosure of their home.
It is, three to five year (36 – 60 months) repayment plan where a debtor repays for secured debts they wish to keep.
Filing Chapter 13 allows you to make up past due payments in small amounts in the 36-60 month repayment plan and immediately:
- Stop foreclosure on your home
- Prevent repossession of your vehicle
- Halt penalties imposed by the IRS
Also by filing Chapter 13 bankruptcy you may be able to:
- discharge income taxes 2 years old or older income taxes
- discharge and treat a 2nd mortgage as unsecured thereby eliminating the mortgage forever
- lower payments on a vehicle
- lower interest rate on various secured debts that you wish to retain
Contact William Voorhies today and discuss the options of Chapter 13 bankruptcy.