Get Caught Up through Chapter 13
He told me this was a life saver. He had lost his job six months ago and like most of us was not ready for any kind of loss of income. He was receiving unemployment till he started a new job a couple weeks ago which the income will be about the same as his old job. By this if means that he can still afford his house and car but because of the short term loss he is 3 months behind on the car and house and has not a payment on any to the credit cards.
The filing of the chapter 13 put the overages of the house, the whole car balance and all his credit card debts into a plan. The trustee’s payment worked out to be less than what his car payment alone had been. This was going to be a five year plan at the end he would have his car paid off his house totally caught up and all his credit card debts would be taken care of. He could start rebuilding his credit once he completed the term and that the chapter 13 would fall off his credit two years later. At that point he would have very good credit.
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