When should you consider filing a Chapter 13 bankruptcy? Here are 5 signs that a Chapter 13 bankruptcy may be able to help you.
1) You have fallen behind on your mortgage payments but want to keep your house. Maybe you tried to do a loan modification and it was denied, now they are telling you that you are several months behind on the mortgage payments because of the trial payments. You want to keep your house and can afford to make the regular monthly mortgage payments but you need time to catch up on the missed payments. You can do this through a Chapter 13 bankruptcy.
2) You have missed payments on your car but you need it to get to and from work. Maybe you were out of work for a while but now you are back to work. You need your car but the creditor says bring it current now or we take the car back. A Chapter 13 bankruptcy can help you keep your car and even help you get your car back if it was just repossessed.
3) You have a large amount of tax debt and the IRS is taking most of your paycheck to pay the back taxes. You may be able to substantially lower the amount you have to pay back to the IRS through a Chapter 13 bankruptcy. You will be able to set up a payment plan that works for you and keep your paycheck.
4) You have a second mortgage or a home equity line of credit on your house but your house is worth less than what you owe on the first mortgage. You can remove a second mortgage or home equity line of credit through a Chapter 13 bankruptcy.
5) You tried to repay credit card debt through a debt consolidation company but you don't seem to be making in progress. If you have the ability to repay something to your creditors, you can set up a payment plan that you can live within a Chapter 13 bankruptcy. You probably won't have to pay your credit card debt back in full and you won't pay any interest on the debt while you are paying it back.
If any of these apply to you, let us show you the benefits of filing a Chapter 13 bankruptcy. Contact us or call us today at 757-276-6555 to schedule your free no-obligation consultation.