Frequently Asked Questions<\/strong><\/h2>\nMy house is due for foreclosure, can I save it?\u00a0<\/b><\/h4>\n
With a Chapter 13 Bankruptcy, you can stop your mortgage company from foreclosing as long as you file before the sheriff\u2019s sale date. You then repay the mortgage arrearage over the next several years rather than having to come up with a lump sum all at once.<\/span><\/p>\nMy car is about to be repossessed, can I save it?<\/b><\/h4>\n
In a Chapter 13 case, you can stop the creditor from repossessing your vehicle or get the vehicle back from you. In some cases, competent bankruptcy lawyers can negotiate to lower the amount you owe on the vehicle so you can afford the payments.<\/span><\/p>\nWhat Is the Amount of My Chapter 13 Payment?<\/b><\/h4>\n
This fluctuates a lot based on your unique requirements. Generally, the debtor and his or her spouse must pay into the Chapter 13 payment plan all of their disposable income. The amount of disposable income is calculated by deducting the household’s reasonably necessary costs from the total revenue. We’ll create a thorough budget that we’ll present to the court and the Trustee.<\/span><\/p>\nWhat Is the Duration of Chapter 13?<\/b><\/h4>\n
A Chapter 13 case’s duration is determined by a variety of circumstances. The majority of the proposals will last between three to five years. If you’re over the median, you’ll usually have a five-year plan. If your income is below the median, a three-year plan may be suggested.<\/span><\/p>\nWhen Do I Have to Begin My Payments?<\/b><\/h4>\n
The first payment to the Chapter 13 Trustee must be made within 30 days of the case’s filing. The court will almost always compel us to put up a payment arrangement with your employer.<\/span><\/p>\n