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Chapter 13 Bankruptcy Information:
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A chapter 13 bankruptcy can be complicated.  Call the Cochran Bankruptcy Law Firm and we will explain how a chapter 13 bankruptcy may help you.   Free Telephone Consultation  {804) 358-2222 Call today !






A Chapter 13 BANKRUPTCY


    Will allow you to pay back your debts over a period of time up to 60 months. The total amount and monthly payment is based on your income and assets. 

    Let us say you have $60,000 in credit card debt and medical bills and you are eligible to pay back 10% of the debt.  Your payment will be $100 per month for 60 months.  At the end of the 60 months you would have paid a total of $6000 and the $54,000 remainder of your debt would be eliminated or discharged. You would not have to pay it.


WHAT IF I AM BEHIND ON MY HOUSE OR CAR PAYMENTS?

The Chapter 13 bankruptcy will allow you to take the back payments and pay those out over a period of time up to 60 months.  An example would be if you are $6000 behind on your house payments, the Bankruptcy Court would allow you to file a plan in which you could pay $100 per month for the 60 months.  As long as you are able to make your regular house payments and pay the $100 each month the court would not allow the mortgage company to foreclose on your home.  

I OWE MORE ON MY CAR THAN IT IS WORTH. 

    
If you have owned the car for more than 2 1/2 years you may be able to pay back the actual market value of the car and reduce your monthly payments.

    If you owe $25,000 and your payments are $600 per month but the car is only worth $18,000 we can file a plan with the court in which you keep your car and pay $300 per month for 60 months.  The remaining $7000 is treated as unsecured debt and may be paid back at pennies on the dollar.