Bankruptcy under Chapter 13 of the Bankruptcy Code is sometimes referred to as a "wage earner plan." Under Chapter 13, a Bankruptcy Court can help a debtor reorganize his debts and pay them off over time. Under Chapter 13, a debtor typically keeps all of his or her property. A Chapter 13 bankruptcy is available to individuals with less than $336,900.00 in unsecured debt and $1,010,650.00 in secured debt.
If you can't catch up on your mortgage or property taxes and if you are in jeopardy of losing your home, filing Chapter 13 can help you. In Chapter 13 you can keep your property, and you'll have up to five years to catch up on your mortgage and pay your back property taxes. Learn how you can pay your back mortgage payments and taxes over five years and KEEP YOUR HOME!
If you can't catch up on your mortgage or property taxes and if you are in jeopardy of losing your home, filing Chapter 13 can help you. In Chapter 13 you can keep your property, and you'll have up to five years to catch up on your mortgage and pay your back property taxes. Learn how you can pay your back mortgage payments and taxes over five years and KEEP YOUR HOME!
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Admitted in 1989 to Supreme Courts of Pennsylvania and New Jersey, the U.S. District Court of Pennsylvania and U.S. District Court of New Jersey. John McClain's practical approach to solving legal issues stems from his industrious real-life experiences. While attending high school, Mr. McClain acquired and managed multiple residential rental properties.
A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. This brochure can not explain every aspect of the bankruptcy process. If you still have questions after reading it, you should speak with an attorney familiar with bankruptcy.
With little or no money up front (if you qualify), there is a way (perfectly legitimate, legal, honorable way) to stop foreclosures and repossessions, to put an end to lawsuits, to stop wage garnishments, and to get those pesky debt collectors off your back. The U.S. Congress has passed legislation that protects you and provides for a "Chapter 13" debt repayment plan.
Chapter 7 is designed for debtors in financial difficulty who do not have the ability to pay their existing debts. Under chapter 7 a trustee takes possession of all your property. You may claim certain of your property as exempt under governing law. The trustee then liquidates the property and uses the proceeds to pay your creditors according to priorities of the Bankruptcy Code.
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