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3456 E. 17th St.,
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A Chapter 13 bankrutpcy is considered a reorganization. It normally involves repayment to creditors over a plan that will last from 3-5 years. It is more complex and a good bankruptcy attorney can walk you through the process.
If you are eligible for bankrutpcy you must calculate your income and expenses through a fairly complicated "means test". If your income is less than the median income for a family size in the area that you live then you may not be forced to file a Chapter 13 and can usually file a Chapter 7 bankruptcy instead. The means test typically requires the help of a bankruptcy attorney.
Essentially if your income averaged over the last six months minus your basic living expenses leaves you with $100 or more you will have to pay that $100+ amount to the Chapter 13 bankruptcy trustee each month. Remember though, that your plan payment it is based on what you can afford not what you owe. Your bankruptcy attorney can help you calculate any required plan payment.
Your bankruptcy attorney will also review your income and expenses with you to determine whether or not you will be eligible for a Chapter 13 case. It is highly advised that you consult with a bankruptcy attorney to review the means test as it can be fairly complex.
If you are currently behind on your mortgage but want to stay in your home a Chapter 13 may allow you to begin making regular monthly payments and paying back your present arrearage over time. This ability to save your home when you are facing foreclosure is a classic reason that many people choose a Chapter 13 over a Chapter 7. Likewise you MIGHT be able to entirely get rid of your second mortgage if it is unsecured and you may be able to "cram down" or reduce what you must pay back for certain car loans, if they qualify.
Rocky Wixom is an experienced Idaho bankruptcy attorney and can help you through the bankruptcy process. Whether you live in Twin Falls, Idaho Falls, Pocatello or the surrounding areas, Rocky is here to help.
Call Today for a free consultation with an Idaho Bankruptcy Attorney! Begin the process to end your financial stress by calling NOW!!!
For more specific Chapter 13 information click here.
Check out or Bankruptcy FAQs here.
For more information on Chapter 7 click here.
Rocky Wixom is an Idaho bankruptcy attorney and we are a debt relief agency and help people file for bankruptcy.
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