The Benefits of Chapter 13 Bankruptcy

The Benefits of Chapter 13 Bankruptcy

Chapter 13 bankruptcy is one of the best financial tools available to prevent serious financial trouble before it starts.

Chapter 13 bankruptcy stops foreclosure; cancels sheriff sales; keeps the IRS at bay; stops the IRS from intercepting your tax refund; and stops repossession of your car.

How does it work? Simple. We add up all your debt that needs to be repaid to your creditors and divide it by 36 months or 60 months. In other words, you propose a Chapter 13 repayment plan for 3 or 5 years.

Here is an example – you are behind $20,000 on your mortgage; you owe $6,000 to the IRS in back taxes; and your $4,000 behind in car payments. That’s $30,000 of debt.

A Chapter 13 repayment plan allows you to repay that $30,000 in debt over 5 years at $500 per month. That’s the basic math.

By proposing an affordable monthly repayment, you save your home; keep the IRS at bay; and keep your family safe and secure.

Call me for a free consultation at (215) 551 7109.

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