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Other Bankruptcy Issues

Car Repossession

If you’re behind on your car loan payments, the creditor may be getting ready to repossess your car. In most cases, you can stop a car repossession by filing bankruptcy.

In a Chapter 13 bankruptcy, you may be able to pay back only what your car is worth, instead of what’s owed on it, at a low interest rate. This can end up saving you thousands of dollars, and potentially rid you of negative equity in a vehicle.

In a Chapter 7 bankruptcy, you can return the car to the car loan company if you decide you cannot afford the payments, or have too much negative equity in the car. This can allow you to get out from under your high monthly car loan payments and start over.

Foreclosure

If you’re behind on your mortgage payments, the mortgage company may begin the foreclosure process on your home. In most cases, you can stop foreclosure by filing bankruptcy.

In a Chapter 13 bankruptcy, you catch up payments to the mortgage company over the term of your Chapter 13 bankruptcy while also paying your regular monthly mortgage payments. It is important to note that a Chapter 13 bankruptcy cannot change your monthly payment amount on your mortgage on your main home. However, Chapter 13 bankruptcy can give you time to catch up your mortgage payments if you are behind, providing peace of mind while you reorganize your finances.

In a Chapter 7 Bankruptcy, you can plan to give your house back to the mortgage company if you can’t afford it, but the Chapter 7 bankruptcy will give you some time to get organized and plan your next step before having to move out of your home.

Student Loans

Are your student loan payments too high? Contact us to discuss how filing a Chapter 13 bankruptcy may temporarily lower your monthly student loan payments. This is helpful when you may need some time to get into a better financial position to pay your monthly student loan payments.

Most student loans are not dischargeable in bankruptcy, but if you have other unsecured debt, filing Chapter 7 bankruptcy may help you pay down your student loans faster, by eliminating your other unsecured debt so that you will no longer have to make payments on those other unsecured debts.

Income Taxes

If you owe income taxes to the IRS, bankruptcy may be the right solution for you. In certain cases, bankruptcy can eliminate or reduce what you owe, saving you stress and money. If the income taxes you owe are old enough, you may be able to eliminate them through a Chapter 7 bankruptcy. If not, you can look at filing a Chapter 13 bankruptcy to pay your taxes back in full and decrease any interest and penalties owed on those taxes.

Child Support

If you are behind on child support, filing Chapter 13 bankruptcy may allow you to catch up on your child support while maintaining your current monthly payments.

We are Here to Help

We know financial issues are stressful. Attorney Lauren Powell is Nationally Board Certified in Consumer Bankruptcy through the American Board of Certification and has been helping individuals and business owners take control of their finances for more than 15 years. We understand the strain you may be under, especially if you are unsure how to appropriately handle these issues. Together, we will work to find a way to help you so that you can move forward.