Chapter 13 Bankruptcy Lawyer in Jacksonville
Consolidating your debt is an excellent way to catch up to your delinquent mortgage payments. If you owe more on your first mortgage than your house is currently worth, you can strip any junior mortgages you have on that property. Chapter 13 is specifically designed to help you save your home from a foreclosure. This is an alternative solution for those who might not qualify for chapter 7 due to either having too many assets or make too much money.
HOW DOES CHAPTER 13 BANKRUPTCY WORK?
A chapter 13 bankruptcy is categorized as a reorganization bankruptcy. This option allows you to consolidate many of your debts into one easy payment plan, allowing you to protect your assets or restructure your debt. Furthermore, if you are upside down on your car, and you’ve owned the vehicle for more than 910 days (2.5 years), we will be able to reduce the value of your car to what it is currently worth – allowing you to then re-adjust your payment plan. Even if your vehicle is not eligible for a reduction of value your car can often be re-amortized to a lower monthly payment with a lower interest rate.
If you’re behind on your mortgage, chapter 13 can provide several options to help you save your home. Your chapter 13 plan can help you catch up on the amount that you are behind on your house by having the amount that is in arrears paid back in small increment over 3-5 years. You may also be able to avail yourself of the bankruptcy court’s loan modification program. This option requires the lender to participate in the loan modification process and it is under court supervision. Chapter 13 is also a great way to pay back or reduce IRS debt, pay back child support, or alimony.
If you think you might fall into this category, you should call Dolaghan Law right away. This is a complicated reorganization process, and the best thing you could do is get help. Conveniently, a chapter 13 bankruptcy allows your lawyer fees to be financed through the payment plan. If you are considering bankruptcy, upside down in debt, being hounded by creditors, or facing foreclosure, call Eileen Dolaghan to set up a free consultation so she can help you find the best solution to your financial problems at 904-354-4935.