What is a Chapter 13 Bankruptcy? - Video
Sep 23, 2016
Trevor Pedersen with the Pedersen Law Office. Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is a process that is commonly used to stop foreclosure on a home or stop a vehicle repossession. If you have a home that is going through a foreclosure and you file a Chapter 13 Bankruptcy the court will stop the foreclosure and allow you to start making your regular home payments. Then the amount you are behind on the home is paid off over a 3 to 5 year repayment window at 0% interest. It also works if you are dealing with property tax issues and it is also stretch over the 3 to 5 year window. If you have an automobile going through repossession that loan is also taken and rewritten over that 3 to 5 year window at a very low interest rate. Another nice part of a Chapter 13 Bankruptcy is the court will take your unsecured loans, medical bills, credit cards, pay day loans or any other debt that does not have collateral attached and allow you to pay those back at a reduced percentage. If your income qualifies even at a 0%, where we completely wipe those debts out and you do not have to pay anything on those debts. Chapter 13 Bankruptcy works really well for anyone who has had a job loss and is now back into the workplace and is making money or does not have enough money coming in to get caught up on their debts and they are dealing with problems like being behind on your home or car. Nice part about a Chapter 13 Bankruptcy is it is not posted in the newspaper or on Wisconsin Circuit Court Access Page (CCAP). Bankruptcy court is Federal and CCAP is for the state of Wisconsin. Only people who will know about your bankruptcy are yourself, the people who look at your credit report and the creditors that are in the bankruptcy with you. If you would like to know more about a Chapter 13 bankruptcy give our office a call 920-727-0970. Free Consults.