5 Things to Know About a Chapter 13 Bankruptcy
Over the past 20 years, I have assisted thousands of people with their Chapter 13 bankruptcies. Certain items are routinely asked about by my clients. I wanted to provide 5 things people should know about a Chapter 13 bankruptcy. If you have any additional questions or need assistance with a bankruptcy case, I am happy to discuss your specific situation at my law office.
- If you do not own a home and would like to purchase a home while in your Chapter 13 bankruptcy, you have several options. The minimum time requirement is that you need to have been in your case for over 12 months and have a spotless payment record on your bankruptcy payments.
- If you own a home, you may be eligible for a refinance or loan modification. I’d be happy to sit down with you and discuss your options. If you want to do that, I need to know what your current interest rate is. You must be current on your bankruptcy payments.
- Are you having car trouble? You may finance the purchase of a vehicle while in your chapter 13 bankruptcy. You must be current on your bankruptcy payments. Set an appointment with me to discuss your options.
- If you are in a Chapter 13 bankruptcy and are not paying back all of your creditors in full (a 100% plan), you have a tax obligation for at least the first three years of your case (some for all 5 years). A letter will be sent out to you in January reminding you to provide me with copies of your tax returns as soon as you prepare them. I will provide those tax returns to the trustee. If you have refunds of over $1000, I will analyze the returns and let you know how much of the refund you get to keep and how much the trustee will be expecting.
- If you are going to be late in making your payment to the trustee, I do not need to know this. If you are going to miss a payment or need to miss multiple payments, you should set an appointment with me to discuss your options. You may be able to abate (put at the end of your case) a few payments. This sometimes causes your bankruptcy payment to increase.
Any other question or concern you have about your case, please call and set up a consultation with me. I am happy to meet over-the-phone or in person, whatever works best for you. Call (800) 265-2314 to set an appointment. Items 1-3 all require court approval, so make sure you are communicating with me on these issues so we can get you approved,
Also, if you have other legal issues that you need help with, I can get you in touch with one of our qualified attorneys. We have grown to 30 attorneys practicing in many different areas of the law. Chances are that I have someone right here that can help you with your other legal needs. Contact me directly by e-mail for those kinds of issues and I will get you to the right attorney. (800) 265-2314.