Do you facing a bankruptcy? If yes, be there is an explanation in chapter 13 bankruptcy. Unlike before chapter of bankruptcy, where your debt is canceled, try to think of a chapter 13. In this chapter you can re-organization of your assets and your debt. But, not everyone who has a chapter 13 bankruptcy. Some of firms of law, chapter 13 is for who have income that greater rather than the median household. One of the firms of law, Schwartz Flansburg assist individuals who looking to filing for relief under chapter 13 bankruptcy .
This chapter also have repayment plan. This plan describes in detail how much, when and how wyou will pay each of your creditors, and how you will save your assets. And about time period in this plan is depending with your income. If your income is above median, you will have to done your debt in 5 year. But, if your income is less than median, you may propose a 3 year repayment term. It all depends on you. Schwartz Flansburg will give you so many choices, you can choose depending on your needs.
After chapter 13 is done, it’s important to you to rebuilding your credit as sson as possible. And, if you keep your balances low and pay your bills on time, the bankruptvy will carry less weight after two years.
After reading this, you will want to know what benefits you will get from chapter 13 bankruptcy, right?
And these are the benefits:
1. Repayment of home over aperiod of 36 to 60 months,
2. The ability to avoid, or “strip off”, a second mortgage lien
3. The ability to reduce, or “cram down” on investment properties to the appraised value.
4. Repayment of IRS tax liabilities over a 3 to 60 months period.