Will Chapter 13 bankruptcy stop foreclosure?
Yes, when a Chapter 13 case is filed an automatic stay is instantly put into effect. The automatic stay is a federal law that stops all collection activity, including foreclosure sales already scheduled to occur.
What is a Chapter 13 Payment Plan?
The payment plan outlines how debts will be paid in a Chapter 13 case. A plan usually requires the borrower to pay their disposable income for the next 3 to 5 years toward debts. If the borrower completes the plan, balances on credit cards and other unsecured debts at the end of the bankruptcy… Read More »
Can I modify my car loan in Chapter 13?
In Chapter 13 bankruptcy, the borrower can have up to 5 years to pay off a car loan. This provides time to catch up on payments by spreading the past-due balance over essentially a new 60-month loan.
Can I get a loan after Chapter 13?
Yes, some lenders will have no waiting period for new loans. On the other hand, the Federal Housing Administration (FHA) can require you to wait 24 months before being eligible for a new home mortgage.
