What does the completion of a successful 3-to-year Chapter 13 case look like?What happens to your assets and debts?
If you own a home with a qualifying 2nd or 3rd mortgage, one of the best reasons to file a Chapter 13 case is to “strip” off that mortgage.
“Stripping” off a second mortgage has major immediate and long-term benefits.
If your second (or third) mortgage is not backed by any equity in your home, you can “strip” that mortgage off your home’s title.
Sometimes it’s obvious which of the two consumer bankruptcy solutions is right for you. But not always. You might be surprised.
Could you afford your home if you didn’t have to pay your other creditors or didnât have to pay second mortgage payments?
Chapter 13 “adjustment of debts” provides a set of tools, each one solving a different problem that could otherwise lead to losing your home.
Chapter 13 is a tremendously flexible way to pay as much as your budget allows, over a reasonable time, and then write off the rest.
Save your home by “avoiding” judgment liens and “stripping” your second (or third) mortgage off your title.
Chapter 13 is a creative and flexible way to deal with your debts, often much more powerfully that a Chapter 7 “straight bankruptcy” can.
Chapter 13 has so many benefits–some potentially worth lots of money to you–that it’s worth finding out what it can do for you.
If you still owe more on your house than what it’s worth, you may be able to “strip” a second or third mortgage off your title.
There’s so much to be thankful for in bankruptcy. Here are five final huge benefits.
What happens at the most important hearing you don’t attend in your Chapter 13 case, the “Confirmation Hearing”?
To demystify how Chapter 13 works, see how a relatively straightforward one pencils out.
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