Transcripts A Chapter 13 can be used to lower your car payment. The principal amount of the loan can be reduced to the current market value of the car and interest rates, which sometimes are as high as eighteen to twenty percent for people with bad credit, can be reduced to five or six percent.
Transcript The majority of people who file a Chapter 13 do not have to pay back 100% of their debt. The payment is based on your income, your expenses, your household size, and your non-exempt assets.
Transcript If you lose your job or your income goes down while you’re in a Chapter 13, it’s possible to modify the plan to reduce the payment or convert the Chapter 13 case to a Chapter 7.
Spiraling debts do not just pile up in your account books; they can add stress affecting everything in your life. Often, declaring bankruptcy can be your best option. You will need a chapter 13 lawyer to advise you on the process. How Does Chapter 13 Work? Theoretically, Chapter 13 of the bankruptcy code gives you … Continue reading “Is It Feasible and Beneficial to File a Chapter 13 Bankruptcy Case?”