Debtor Bankruptcy | Chapter 13
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If you have fallen behind on your Mortgage Payments or Real Estate Taxes and are facing the loss of your home through Foreclosure, there is still help available for you to help you keep your home. A Bankruptcy can help you save your home.
A Chapter 13 Bankruptcy can help you catch up on the mortgage payments that you have missed while also reorganizing your other debts (credit card, medical bills, personal loans, car loans) while providing you with a monthly payment plan that is determined by how much you can afford to pay back.
Chapter 13: Repayment of All or Part of the Debts of an Individual with Regular Income
- Designed for individuals with regular income who would like to pay all or part of their debts in installments over a period of time.
-Under a chapter 13 plan, you must file with the Court a plan to repay your creditors all or part of the money that you owe them, using your future earnings. The period can be between 3 and 5 years.
- Essentially your Household income (any money received from wages for husband and wife, any social security, disability, child support alimony, etc.) minus your reasonable expenses (food, gas, mortgage, car payment, etc.) equals your monthly payment to the Court appointed trustee.
- The Trustee takes the monthly payment received from you, and pays back a % of what is owed.
- The percentage is determined by how much each individual debtor can afford. However the Court likes debtors to pay back 20% at minimum.
At Forsyth, Howe, O’Dwyer, Kalb & Murphy, P.C. you will receive the personal attention and help that you deserve. We understand the financial problems that you face and are never judgmental.
For More Information: please call us at (585) 325-7515 or Submit a Confidential Form Request
*We are a debt relief agency. We can help people file for bankruptcy relief.