What is a Chapter 13 Bankruptcy?
Chapter 13 is basically a restructure. Typically, we use those. A lot of people have tried to do this kind of mortgage… kind of restructure. A Chapter 13 does the same thing only the banks have to accept what we do rather than have you go through their whole application process, get refused five or six times.
Through a Chapter 13, we can usually save a person’s home, we can save their car. It’s usually people who have excess money but have it structured in such a way that they cannot possibly pay back certain loans or debts they should be paying, like the home and the car that they don’t want to lose. But, if we get rid of the burdensome debt like credit cards, open credit lines, check loans, things of that nature we can usually save them a lot of time and a lot of money and get them back on track. So, it’s really more a restructure, it’s like a consolidation loan but without the application process.
I hope this has been informational for you. I hope it’s helped you out. If you need information today call us today or hit our website, send me an email. We do respond very quickly. If this is an emergency please call our office. We’ll fit you in; we’ll find time for you.
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