Portland Ch. 13 Bankruptcy Attorneys
Stop Foreclosure with Chapter 13 Bankruptcy
The risk of losing a home or car is enough to make many people anxious. Fortunately, there are options even when you are in significant financial trouble. A Chapter 13 bankruptcy filing can cause an immediate stop on foreclosure or repossession, giving you time to catch up on payments.
Under Ch. 13, the court approves a repayment plan that allows you to consolidate and pay down debt over three to five years. With the help of a Chapter 13 plan, you can make regular payments and keep most of your current possessions.
Bankruptcy can help you keep your financial situation afloat. For a consultation, contact Vanden Bos & Chapman, LLP at (503) 664-3134 today.
Who Qualifies for Ch. 13?
You may consider Chapter 13 bankruptcy if:
- You are an individual with a regular income
- You run a sole proprietor business
- You owe less than the Chapter 13 limits for unsecured and secured debt
- You are able and willing to create a plan for taking care of your debt
Vanden Bos & Chapman, LLP has a team of well-respected Portland bankruptcy attorneys ready to help you resolve your debt. We have been serving clients since 1981 and can put our years of experience to work on your behalf today.
How Chapter 13 Affects Mortgages & Car Loans
People often file Chapter 13 to save their home or car from the bank. When you are significantly behind on your mortgage or car loan, a bankruptcy filing may be your best option. A Chapter 13 filing does not change your house payment. However, the bankruptcy can give you time to catch up on missed payments.
You will still need to make your regular monthly house payment when it is due. If you are in foreclosure already, a Chapter 13 bankruptcy can give you three to five years to catch up delinquent payments using a repayment plan.
Under certain circumstances, Chapter 13 can change your car payments. A “cram down” can allow you only to pay what the car is worth, rather than the full amount of the loan. If you successfully complete the Chapter 13 plan, the creditor discharges the rest of the debt. If the car was purchased less than 910 days before the filing, or you use the car for business, a “cram down” cannot be used.
Trust Your Ch. 13 Filing to Our Team Today
Our experienced Portland Ch. 13 bankruptcy lawyers have been recognized as authorities in the field of bankruptcy and are frequently asked to speak on issues related to this area of law. Let us put our experience to work for you by helping you create an effective Chapter 13 plan.
If you are afraid of losing your home or car due to debt, or you have debts that will take decades to repay, a Chapter 13 bankruptcy may be the answer.
To review your situation with our seasoned firm, contact us at (503) 664-3134.