Considering Filing Chapter 13 Bankruptcy Here Are 12 Reasons To

Considering Filing Chapter 13 Bankruptcy Here Are 12 Reasons To File According to A Professional B

Flexibility - At any point, you can either convert the case to Chapter 7 or dismiss it. Also, you can modify your payment plan if you want to give up a house or car or have a change in income. And you can refinance or sell your house during the administration of the plan.

2. If you have fallen behind on your mortgage payments and are facing foreclosure, you can include your past due payments in the plan and save your house from foreclosure. Putting past due payments in the plan gives you the chance to catch up since you have until the end of the plan to make those payments.


3. You can challenge the costs added to your mortgage by the lender.


4. You can use the Chapter 13 to remove an 'unsecured' second mortgage from your home.


5. You can include debts that are not allowed in a Chapter 7 like some divorce payments.


6. Trustees are on your side and want to help you be successful.


7. You don't have to pay your attorney's fees up front; you can pay them over time.


8. You can keep your car without having to reaffirm it.


9. If you have past due child support/alimony or taxes, you have up to 5 years to catch up.


10. Secured debt such as car payments can be extended.


11. You will not lose any of your property, regardless of whether it is exempt.


12. A Chapter 13 case cannot be challenged by the US Trustee based on your income, unlike a Chapter 7 case.


There is still a stigma of failure attached to filing for bankruptcy. But the fact remains - declaring bankruptcy is a compelling way to make a fresh start, to clean the slate, so to speak. Before filing, you should speak to an somekeyword who can advise you on whether to file for Chapter 7 or Chapter 13 bankruptcy. You will likely have a lot of questions about how filing bankruptcy will affect you, your livelihood and your future. Be sure to find a somekeyword who focuses on bankruptcy law so he can answer all your questions.somekeyword somekeyword somekeyword somekeyword