Written by attorney Thomas Christian Egg

Chapter 13 Buyouts: Here’s How It Can Be Done

Filing for bankruptcy protection is an agonizing decision countless homeowners face every year. Agonizing because not only is there the often unfair stigma of being perceived as not being able to manage one’s financial affairs that comes with filing for bankruptcy protection but also the seemingly endless road a debtor faces to return to financial normalcy. A bankruptcy filing typically stays on the debtor’s credit report for seven to ten years. For those in Chapter 13 bankruptcy, however, there is the possibility of exiting bankruptcy sooner. That possibility is sometimes referred to as a Chapter 13 Buyout. In a Chapter 13 Buyout the debtor refinances their home mortgage and uses the proceeds to buy-out the Chapter 13 plan. This guide is written to help debtors determine whether they may qualify for a Chapter 13 Buyout.

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