The Chapter 13 bankruptcy Massachusetts is one where a debtor restructures their debt by filing for a procedure which when approved, can see them pay their debts through smaller investments and periods of 36 to 60 months. These payments made every month are paid from one's wages makes it different from Chapter 7 where property of the individual is liquidated.
It is a disgrace for one to lose a home or a car because of a court's decision to liquidate in order to pay creditors what is owed to them. This is why filing this proceeding is a good idea because it affords the debtor more time to pay off the debt they owe to others. They are required by law to list what they have and owe so that the court can calculate the right monthly payment to make.
The debts that the individual lists must be repaid between three to five years. The judge decides this based on the amount of disposable income that one remains with after paying off all debts, the lapse of time since they missed mortgage or car payments and also the amount of cash that would have been paid to creditors under the other Chapter 13 type.
In order to get the best monthly payment plan, one has to write down what assets they own and what they owe to creditors. Now is not the time to be selective because it can mean higher monthly payments if the court doesn't see many debt obligations. Some debts are immediately discharged especially credit card and medical bills and the rest are paid down. The creditor may not make any contact with debtor and can only do so with a court order.
People who are late on their mortgage payments and their homes are going to foreclosure sales can take advantage of filing this procedure which immediately stops the process. It is important for a person to understand that the late mortgage payments are not discharged and still have to be paid. The time to do it is what is given to the homeowner.
Chapter 13 bankruptcy Massachusetts stays on one's credit report for seven years and can be initiated by anybody who needs more time to reorganize their debt. If one has a small debt but are not able to pay it, they can speak to the creditor and ask them to wait a few more days or work out a payment plan with them. chapter 13 bankruptcy Massachusetts
It is a disgrace for one to lose a home or a car because of a court's decision to liquidate in order to pay creditors what is owed to them. This is why filing this proceeding is a good idea because it affords the debtor more time to pay off the debt they owe to others. They are required by law to list what they have and owe so that the court can calculate the right monthly payment to make.
The debts that the individual lists must be repaid between three to five years. The judge decides this based on the amount of disposable income that one remains with after paying off all debts, the lapse of time since they missed mortgage or car payments and also the amount of cash that would have been paid to creditors under the other Chapter 13 type.
In order to get the best monthly payment plan, one has to write down what assets they own and what they owe to creditors. Now is not the time to be selective because it can mean higher monthly payments if the court doesn't see many debt obligations. Some debts are immediately discharged especially credit card and medical bills and the rest are paid down. The creditor may not make any contact with debtor and can only do so with a court order.
People who are late on their mortgage payments and their homes are going to foreclosure sales can take advantage of filing this procedure which immediately stops the process. It is important for a person to understand that the late mortgage payments are not discharged and still have to be paid. The time to do it is what is given to the homeowner.
Chapter 13 bankruptcy Massachusetts stays on one's credit report for seven years and can be initiated by anybody who needs more time to reorganize their debt. If one has a small debt but are not able to pay it, they can speak to the creditor and ask them to wait a few more days or work out a payment plan with them. chapter 13 bankruptcy Massachusetts
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