Reorganizing Debt<\/strong><\/h4>\nWhen you are behind on a mortgage, taxes or a car loan debt and you need time to catch up, or your payments or maybe your interest rates are just too high, Chapter 13 lets you spread out payments over the plan period of 36-60 months instead of a lump sum or shorter payment period.<\/p>\n
Mortgage and tax arrears can normally be paid back interest-free over three to five years without risk of further default or foreclosure. Similarly, car loan interest rates are normally substantially reduced and under some circumstances, the principal owing can be lowered as well.<\/p>\n
What makes a Chapter 13 plan payment on these debts a winner is that your other debts for unsecured loans like credit cards and medical bills can be substantially reduced or just eliminated for many people, freeing up money on the stuff that you actually want to pay off.<\/p>\n
Please let me know if you have any questions about the advantages of Chapter 13 Bankruptcy or are just worried about not qualifying for Chapter 7. At Phoenix Fresh Start Bankruptcy are practice is pretty evenly split between the two. We are happy to help.<\/p>\n","protected":false},"excerpt":{"rendered":"
When You Must File a Chapter 13 Bankruptcy in Phoenix Chapter 13 bankruptcy results in a discharge of your unsecured debt just like a Chapter 7. The difference is that in Chapter 13, monthly payments are made for a three to five year period through the bankruptcy court. Generally, this means paying little and sometimes nothing to your unsecured creditors, just like a chapter 7, while paying off some secured loans in part or in full. Chapter 13 is the […]<\/p>\n","protected":false},"author":1,"featured_media":2692,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,37],"tags":[],"_links":{"self":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts\/2521"}],"collection":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/comments?post=2521"}],"version-history":[{"count":0,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts\/2521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/media\/2692"}],"wp:attachment":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/media?parent=2521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/categories?post=2521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/tags?post=2521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}