The Advantages of Chapter 13

THE ADVANTAGES OF FILING CHAPTER 13

Should I file bankruptcy?  What are the advantages of a bankruptcy filing?  Which bankruptcy should I file.  Below are some of the advantages of filing a Chapter 13 bankruptcy.

  1. You can catch up your car payment if it is behind.
  2. If your car has been repoed but not sold you can get it back
  3. You can change the car payments in a Chapter 13, often reducing the interest and the monthly payment
  4. You can catch up your mortgage payment in a chapter 13 and take up to  60 months to do so.
  5. You can stop a foreclosure.
  6. You can take up to 60 months to catch up back real estate taxes
  7. Under the right set of facts you can change your mortgage payment.
  8. Under the right set of facts you can strip off second mortgages  and other liens
  9. Under most circumstances you get to keep all your property
  10. You can repay taxes to the IRS and the State of Ohio without additional interest or  penalty.
  11. There are circumstances in which part of the taxes owed to the IRS and the State of Ohio will be only paid part of what is owed and the balanced is wiped out
  12. You can get your case filed and get the protection of the bankruptcy court without having to come up with all your legal fees.  Your legal fee can be paid out over time. You will have to pay for the court costs.
  13. You credit cards and medical bills are often paid back pennies on the dollar and the balance is discharged
  14. There is no more interest paid on your credit card debts.

These are some of the reasons and advantages to file Chapter 13. Over the next few days I’ll explain how all of the above works in detail