Chapter 13 Example
This is an example of how much a chapter 13 bankruptcy can help. this young couple had bought a home little over a year ago, it ended up being a higher payment than they thought. the property taxes were not included in the payment. After the summer the husband lost all over time pay so things started getting bad. They have two cars with payment with about 850 payment between the 2 and owe the IRS about 4,000 dollars. When they came in they are five house payments behind and one car payments.
With the chapter 13 they will be able to put the house payments that they are behind, both cars, The property taxes that were due in January, the IRS, and the little bit of credit card debts that they have. SO starting in June they will make their normal house payment and have a trustee payment of 600 dollars for five years. which makes it affordable to keep the house make the house payments now and keep both cars and keep the IRS from coming end and garnish his wages.
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