In Bankruptcy but still have too much debt.
Many debtors call our office and feel as if filing Chapter 13 bankruptcy is causing more financial difficulty than before filing. This usually stems from having high amount of mortgage arrears and high valued vehicle being paid in the plan. Debtors will call and want to have their Chapter 13 plan payment reduced. Our office will then have to explain that the plan payment and plan term have been set to satisfy the amount of debt owed in plan therefore the reducing the plan payment is not a option.
This would be the opportunity for the debtor to evaluate their finance to determine if surrender of home or automobile would ease their financial strain. Though this is a difficult an emotional decision for the debtor, it is sometimes the only way to eleviate the financial strain. Consult with Attorney to see how surrendering some or all of your secured property would affect your current bankruptcy plan.
Please fill out our free evaluation form to determine if bankruptcy is right for you.
