Ways a Chapter 13 bankruptcy case can help you financially
Discharges unsecured debt
Unsecured debt includes, but is not limited to, credit cards, medical bills, payday loans, signature loans and personal loans. So long as you complete a Chapter 13 bankruptcy, these debts can be discharged, without paying all of it back.
Lien Strip on House
If the amount you owe on your FIRST mortgage is MORE than what your house is worth, it is possible to "strip" a second mortgage off of a home.
If you have fallen behind on mortgage payments, a Chapter 13 bankruptcy case stop a foreclosure sale and force the mortgage company to accept past-due payments as part of a Chapter 13 Plan.
Cram Down on vehicle
If you purchased a vehicle over 910 days prior to filing your bankruptcy case and your vehicle loan is MORE than what your car is worth, it may be possible to "cram down" the amount you owe on the vehicle to what the value of the car is.
Decrease Interest Rates
It is possible to decrease the interest rates on debt in a Chapter 13 bankruptcy.
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