chapter 13 bankruptcy<\/u><\/a> the creditor will have to make payments with having the flexibility to be able to make those payments. Every individual circumstance differs from one another.\u00a0<\/p>Your situation is going to determine how this type of bankruptcy is going to work out for you.\u00a0<\/p>
Before filing for Chapter 13 bankruptcy, you might want to understand and let your attorney know whether or not you have any assets of any value like a real estate property or any collectibles.\u00a0<\/p>
Let\u2019s say that you are behind on your mortgage payment where you haven\u2019t paid for several months and the bank wants fifteen thousand dollars in a one-time payment to get current. You went through some financial difficulty that caused you to fall behind.\u00a0<\/p>
You are now back on your feet where you can now afford the regular payment but you don\u2019t have the fifteen thousand dollars. In such a case, a chapter 13 bankruptcy allows you to catch up with your mortgage over a three or five-year period depending on your income and household size.\u00a0<\/p>
This option is unavailable in chapter 7. The same applies to any other type of secured debt like getting current on your property taxes or the condominium dues.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t