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Give your lender an eviction notice! File Chapter 13 bankruptcy

You want to keep your home, but your lender is knocking at your door threatening to evict you through foreclosure proceedings because you missed a few payments. More than likely, you attempted to work something out with your lender, but those efforts did not bear fruit.

How does Chapter 13 bankruptcy affect your car and house?

Going into bankruptcy can be scary, especially with tales of car repossession or being harassed nonstop by creditors over the potential foreclosure of your home. We here at Ammerman & Goldberg understand that you wish to protect your biggest assets, and we are here to help you do that.

Making payments in a Chapter 13 bankruptcy plan

Once a debtor has filed for Chapter 13 bankruptcy in Washington D.C., he or she will be required to make payments to the trustee who is presiding over the case. The trustee will then distribute the funds according to the priority of the creditors. According to U.S. Courts, there are three types of claims: priority, secured and unsecured. Priority claims involve debts that are deemed most important by the court, and may include bankruptcy fees and taxes. Secured claims include debt that must be paid on items that could otherwise be repossessed by the creditor, such as vehicles or homes. Finally, unsecured claims involve debts in which the creditor does not have the ability to reclaim property.

Saving your home with Chapter 13 bankruptcy

Many people in Washington D.C. and across the nation continue to struggle to make ends meet. Staying on top of all of the medical expenses, mortgage payments, credit card bills and other types of debt can be extremely overwhelming. At Ammerman & Goldberg Bankruptcy Law Office, we understand that people may not be able to continue making their mortgage payments while dealing with all of the other debt that has accumulated in their lives. While people who file for Chapter 7 run the risk of losing their homes through liquidation bankruptcy, Chapter 13 enables people to stop foreclosure and keep their homes.

Chapter 13 bankruptcy and income requirements

There are a couple of choices that people in Washington, D.C., have when it comes to filing for bankruptcy protection. One of these choices is to file Chapter 13, which is also referred to as reorganization, according to NerdWallet, but it does have some restrictions, especially concerning income.

Chapter 13 bankruptcy and co-signed debts

According to the U.S. Census Bureau, the median household debt was $70,000 in 2011. If you are like others in Washington, D.C., you may have a co-signer on one or more of your debts. When considering your debt relief options, such as filing for Chapter 13 bankruptcy, we at Ammerman & Goldberg “Bankruptcy” Law Office know you may be concerned about how your co-signers will be affected. In this post, we will discuss how co-signed debts are treated in Chapter 13 bankruptcy.

What should you consider when making your Chapter 13 plan?

If you are dealing with debt in Washington, D.C., but are able to make monthly payments, filing for Chapter 13 bankruptcy may provide you with the relief you need. As a part of your Chapter 13 filing, you will develop a plan to pay back a portion, or al, of your debts. At Ammerman & Goldberg “Bankruptcy” Law Office, we know the process of creating a Chapter 13 repayment plan may seem daunting. In this post, we will help you understand what factors you should consider when developing a plan for your Chapter 13 bankruptcy.

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