Chapter 13 Lets You Pay Off Mortgage Debts Over Time
If you have a steady income but are being overwhelmed by creditors, filing for Chapter 13 Bankruptcy is a way to reorganize your debts and repay all or part of them over a longer period of time-usually between 3 and 5 years.
In order to qualify for Chapter 13, you must have enough regular income to cover all your monthly household expenses plus an agreed-upon monthly payment to reduce your debts.
After Bankruptcy, then what?
More people than you might expect have been through, or are going through the bankruptcy process, and while it can be taxing, there is life afterwards. According to Rhode Island law, certain properties are exempt from repossession if you have filed for Chapter 7 Bankruptcy. These include your household possessions, your jewelry and other personal items, the equity in your home up to $500,000., and your car if you keep up monthly payments.
If you are having trouble with paying your bills and are under stress from nagging collectors and creditors, the sooner you act the better chances you will have in rectifying your situation and returning to a normal life. Contact the Law Offices of Janet Goldman for your first free consultation? Call us at 401-785-2300.