The Chapter 13 bankruptcy is one that's meant to help people who earn a living repay a portion of their debts in exchange for discharging the remaining balance once all the payments are made to the bankruptcy trustee. While you're making those payments, you'll have to keep up with your other bills. This means that things will be tight financially for a while.
We understand that this is a difficult time for you. We want you to know what options you have and how each might impact you. We're here to discuss your case with you so that you can evaluate things based on your circumstances.
In the Chapter 13 bankruptcy, you'll have three to five years of payments to make to the trustee. If you own your home and it's in foreclosure, filing bankruptcy may help you keep your home. You'll have to work with your lender to get current.
You may be able to include the past due amount in the bankruptcy, but you'll have to get on a payment plan to keep up with the mortgage. The balance of the mortgage won't be discharged with the other debts, so you'll continue making payments that are due after the bankruptcy is closed out.
Chapter 13 bankruptcy comes with specific requirements for you. Making sure that you meet those obligations is imperative because your case can't be discharged until you do. We can work with you to ensure you know exactly what you're obligated to do during this process. We know that you just want to be able to enjoy a fresh financial start.