Advantages of Chapter 13 Bankruptcy
A chapter 13 bankruptcy is used most of the time to save your home from a foreclosure sale. The foreclosure sale is happening because you have fallen several house payments behind and you and the mortgage company can’t agree on a payback plan. The chapter 13 will allow you up to five years to pay back the payments behind.
The credit card debts that you have can also be put into the plan. The money they will receive will be based on disposable income. When filing the bankruptcy you should always use a bankruptcy attorney to help insure the paper work is all done correctly. The chapter 13 will fall up your credit three years sooner than the chapter 7 bankruptcy will not help save your house from the foreclosure sale.
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