Some examples of when Chapter 13 would be filed instead of Chapter 7:
- You got behind on your mortgage payments and want to prevent foreclosure.
- You want to keep your house.
- Past due mortgages payments can be spread over a period of time not to exceed 5 years and foreclosure is stopped.
- Your net income exceeds your basic (allowable) living expenses.It could be that you have disposable income of $1,000 per month after you pay your basic living expenses but your minimal monthly credit card payments are $2,500 per month. In this situation, you have the ability to pay back the creditors something but not all you owe.
- At the end of the Plan Period, you receive a discharge/release for all the amounts that you were not able to pay.
I offer a free consultation. When I meet with you, I review your situation to determine if you qualify for a Chapter 13 and whether filing a Chapter 13 Bankruptcy is in your best interests for your future success.
Call me now for a free consultation: Ralph A. Ferro, Jr., Esq. (201) 446-5904
My goal is to help my clients succeed.