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SCAM ALERTS:
Unfortunately, during this economic downturn, many scam artists try to take advantage of homeowners and their difficulties. You must be cautious of any advice you find on the Internet. Carefully research any company that you use. To help you with your investigations, here are some reputable organizations to visit:
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Bankruptcy Chapter 13 bankruptcy is a "debt repayment plan" that is designed to allow people to "catch up" on missed house or car payments by making up the missed payments over a period of time. It works well for people with regular income and who can pay their normal expenses but have missed house payments due to a temporary interruption in income, such as an illness, a period of unemployment, or other temporary circumstance. The benefits of Chapter 13 It allows you make up missed house payments over time, but you must have a consistent and provable source of income and be able to make all your regular payments every month, and pay a little extra toward any delinquency. The down side is that Chapter 13 requires you to live on a specific budget for a period of three to five years. Chapter 13 does not work for people who have a mortgage payment that has "reset" to a higher amount that they cannot afford, or are facing a large debt load that cannot be paid off over a three to five year period. Helpful Links: US Bankruptcy Courts |
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