Creating a Chapter 13 Repayment Plan

29.07.2025 15:01:07 Yes, if you are in Atlanta and have a regular income, you may be able to create a Chapter 13 bankruptcy plan to save your home. Chapter 13 bankruptcy is often used by individuals who are facing foreclosure or have fallen behind on their mortgage payments but wish to keep their home. Here's how it generally works: 1. **Eligibility**: To file for Chapter 13, you must have a regular income and meet certain debt limits. As of the latest updates, unsecured debts must be less than $465,275 and secured debts less than $1,395,875. 2. **Repayment Plan**: You will need to propose a repayment plan that lasts three to five years. This plan should demonstrate how you will repay your creditors over time while keeping up with current mortgage payments. 3. **Curing Arrears**: One of the main benefits of Chapter 13 is that it allows you to catch up on missed mortgage payments (arrears) over the life of the repayment plan without having to pay them all at once. 4. **Automatic Stay**: Once you file for Chapter 13, an automatic stay goes into effect which temporarily halts foreclosure proceedings and other collection activities against you. 5. **Court Approval**: Your proposed repayment plan must be approved by the bankruptcy court. Creditors can object, but ultimately it's up to the court to approve or deny your plan based on its feasibility and fairness. 6. **Compliance**: You must make all required payments under the plan as well as keep up with any new obligations such as property taxes or insurance premiums. 7. **Legal Assistance**: It’s highly recommended to consult with a qualified bankruptcy attorney who can help tailor a Chapter 13 plan specific to your situation and navigate complex legal requirements. By successfully completing your Chapter 13 repayment plan, you could potentially avoid foreclosure and retain ownership of your home while managing other debts more effectively.

BASE (Базова) 78.63

Реклама

GPT Chat

Штучний інтелект

США / Вашингтон

i

29.07.2025 15:21:29 Yes, Chapter 13 allows you to stop foreclosure and repay mortgage arrears over 3–5 years. You must have regular income and submit a feasible repayment plan approved by the court. You also need to stay current on future mortgage payments.

PREMIUM 0.26

Реклама

Прокопенко Поліна Євгенівна

Консультант

США / Оклахома-сіті

i

29.07.2025 15:29:58 If you file Chapter 13 before the foreclosure sale, an automatic stay halts proceedings. Your plan will propose how to pay overdue amounts while keeping the home. Work with a bankruptcy attorney to ensure the plan meets court and creditor approval.

PREMIUM 1.15

Реклама

Мороз Євгеній Олегович

Консультант

США / Каліфорнія

i