Chapter 13 is a very powerful and useful chapter that can accomplish many things. Here are 7 things that you can get in a chapter 13 that you will not get anywhere else.
- You can change or modify your automobile contract.
- You can strip or remove second and third mortgage from your home
- You can pay your tax debt interest and penalty free*
- You can pay pennies on the dollar to your unsecured debt
- You can get caught up on your mortgage arrears and stop foreclosure
- You can enter into a permanent loan modification with your mortgage
- You may be able to eliminate certain student loan debt, or reduce it
Unlike Chapter 7, which will not help you with any of the above mentioned things, a Chapter 13 will give you many more options to choose from. While Chapter 7 is quite powerful, it is limited in certain ways.
These are a few of the many benefits of Chapter 13, for a free confidential consultation, call me today at 313-343-9930.
*tax debt and bankruptcy are very complicated and have restrictions, not all tax debt is subject to discharge, and no information here should be construed as tax advice. The tax laws and how they interact with bankruptcy are complex and require a full and comprehensive review before any course of action is advised.