Chapter 13 Bankruptcy is important for individuals who cannnot qualify to file a Chapter 7 bankruptcy.  A Chapter 13 is a reorganization of your debt.  You will pay a monthly plan payment to your Trustee under your Chapter 13 Plan.

The following items are included within your plan:

1)  Car Payments

2)  Back Payments on Mortgage (if you decide to keep your home)

3)  Taxes

4)  Child Support Arrearages (if you have any)

5)  A percentage of plan payments go to your unsecured creditors (i.e. credit cards/medical bills)

There are options under a Chapter 13 that are not available under a Chapter 7.  For example, you can lien strip (get rid of) a second mortgage on your primary residence.  You can also cram down your investment property to its current market value.

Schedule an appointment today!