Rhode Island councilman files for Chapter 13 bankruptcy protection
A Providence, Rhode Island, councilman has filed for protection under Chapter 13 bankruptcy law in an effort to restructure his and his wife's debts and their mortgage.
A Providence, Rhode Island, councilman has filed for protection under Chapter 13 bankruptcy law in an effort to restructure his and his wife's debts and their mortgage.
According to The Providence Journal, Nicholas Narducci Jr., a Ward 4 representative, originally filed bankruptcy in February with total listed debts at $242,731 compared to a combined annual income of $105,000 and about $6,000 in take-home pay per month.
HSBC Finance Corp., the mortgage holder of the Narducci's home, claims the couple is roughly $31,000 behind in payments but their court filings claim they are only behind about $11,000.
“They screwed up,” Nicholas Narducci told the newspaper. “I made payments, but they misdocumented them. I am still making my payments.”
Chapter 13 bankruptcy is typically filed by consumers who have adequate enough income to restructure their debts and pay them off under a reorganized plan while still keeping their assets in the process. The court must first approve the repayment plan.
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