What Can a Chapter 13 Bankruptcy Do For Me?
With a Chapter 13 Bankruptcy, we can:
- Consolidate creditor obligations. The purpose of a chapter 13 bankruptcy is to protect the debtor while the individual works to eliminate debt. Part of the court requirement is the proposal of a monthly payment plan that will be followed for three to five years. Your income will need to be sufficient enough to follow through.
- Stop repossession of your vehicle
- Stop foreclosure of your home
- Force the bank to reinstate a mortgage loan
- Force the bank to give you up to 5 years to catch up on any back payments due on your mortgage
- In some cases, force a creditor to restructure a vehicle loan to make the monthly payments more affordable inside the bankruptcy plan
- Pay delinquent taxes, child support and alimony over a term of five years