Chapter 13 can be a great way to save a home. Chapter 13 can stop a sale date dead in its tracks. With the help of a Winthrop Harbor bankruptcy attorney, Chapter 13 affords an individual the opportunity to repay the mortgage arrears over the next three to five years while making the regular first and/or second mortgage payment once again. Chapter 13 allows a debtor to reorganize all of their other debts, including vehicle debts, within the Chapter 13 plan. Chapter 13 has been used successfully over the last 25 to 30 years to save homes and to reorganize debt. You should contact a Chapter 13 bankruptcy lawyer to see if you qualify.
Interestingly, you have not heard a lot about Chapter 13 during the recent foreclosure crisis. For some reason, the government and the leaders in Congress do not want to encourage people to file a Chapter 13 bankruptcy. I believe the reason for this is that the Mortgage Brokers Association and the American Bankers Association have a strong lobby, and they would rather not see clients reorganize and stretch out the timeframe in which to pay back creditors. Those individual lobbying groups would rather take the property back and be able to list it for sale on their own. However, bankruptcy Chapter 13, I have seen, has been completely successful with people who have lost their job and then regained their employment. I have seen Chapter 13 be completely successful in cases where someone was ill or injured and now they’re back healthy. I have seen been completely successful in cases where someone’s income increased or their budget decreased to the point where now they can afford to make their mortgage payment and put something away towards a Chapter 13 trustee.
If you’re considering Chapter 13 or if you want to learn more about Chapter 13, I strongly suggest that you meet with two or three local bankruptcy attorneys in your area that know about Chapter 13 bankruptcy in its entirety. You can read a lot about Chapter 13 bankruptcy on the Internet, you can watch videos about Chapter 13 bankruptcy on the Internet, but you cannot get a total feel for it unless you’re dealing with a law firm and an attorney who has been experienced and has been practicing Chapter 13 bankruptcy law for several years. Chapter 13 is difficult. Chapter 13 is complicated. Chapter 13 should not be taken lightly. If you file Chapter 13 bankruptcy, it can be a great way to accomplish what you’re trying to accomplish as long as you have excellent counsel helping you every step of the way.