On June 7th Fox News aired a discussion of Chapter 13 Bankruptcy entitled, “What is a Chapter 13?”
The video generally describes the Chapter 13 process, which involves monthly payments to the Bankruptcy Court over a period of 36-60 months, as well as the potential benefits of a Chapter 13. Some of these benefits may include:
- Saving your home from foreclosure;
- Eliminating a 2nd or 3rd mortgage;
- Saving property that has “too much equity”;
- Discharging divorce obligations;
- Keeping a vehicle by paying what it is worth, rather than what you owe;
- Managing the repayment of non-dischargeable student loan debt; and/or,
- Managing the repayment of non-dischargeable tax debt.
If you have questions regarding any of these Chapter 13 benefits, please do not hesitate to contact our office.