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Stop creditors and get more time to pay. Filing for Chapter 13 bankruptcy stops creditors, lawsuits, wage garnishments, bank levies, and other collection actions immediately, giving you time to restructure your debts. Yes, youâll pay into a three- or five-year repayment plan in Chapter 13. But your money will go toward the debts that matter mostâlike your mortgage, car loan, support obligations, and taxes. Remaining debts, such as credit card, medical, and utility bills, usually receive only a fraction of what you owe. Also, Chapter 13 offers unique debt solutions not available in Chapter 7, sometimes making Chapter 13 the better choice even for those who qualify for Chapter 7. For instance, only in Chapter 13 can filers do the following: keep all property avoid foreclosure and vehicle repossession pay the fair market value for a car, and in some cases, eliminate a junior mortgage loan. This plain-English Chapter 13 guide covers the Chapter 13 process from start to finish, explaining how to determine if you qualify for Chapter 13, whatâs required to catch up on your mortgage and keep your home, and how to rebuild your credit after bankruptcy. Youâll also learn more about the following: how much youâll pay in a repayment plan which debts get erased when the case ends, and how to find and hire the right lawyer The revised edition explains where to find legal updates, bankruptcy forms, and state-specific information. |
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