WAYS TO STOP HOME FORECLOSURE
Have you been falling behind on your mortgage payments? Received a foreclosure notice in the mail? If so, it’s important to take action immediately against it. While the potential of foreclosure can…Read More
There are several advantages to Chapter 13 bankruptcy as compared to Chapter 7 bankruptcy. The most significant difference is that Chapter 13 gives you a better chance to save your home from foreclosure by rescheduling secured debts. Chapter 13 can also act like a consolidation loan, which means that the individual can make plan payments to a trustee who will then distribute the money to various creditors. However, every case is different, so contact a bankruptcy attorney at McCue Law Office in Bangor if you believe you need to file for bankruptcy and are unsure of what chapter is right for you or how you can begin the process.
The key component of Chapter 13 bankruptcy is that you are able to create a repayment plan to pay off your debt, however, you must make sure the plan succeeds after the court confirms it. The debtor will make regular payments to the trustee either directly or through a payroll deduction, which, if you choose to file chapter 13 bankruptcy, will mean that you need to adjust to living on a fixed budget for the full extent of the plan. Chapter 13 bankruptcy lasts three to five years, so it’s important to make sure that you will be able to make the agreed-upon payments.
Ideally, you will be able to follow the plan that was agreed upon by the courts, but sometimes unexpected expenses (like a car repair or illness) can make it difficult to make your plan payment. After all, it’s unlikely that your life is going to remain constant during the three to five years that you’re working to pay off your debt. A bankruptcy attorney may suggest modifying the plan, or converting to a different form of bankruptcy, like a Chapter 7 bankruptcy. If you would like to talk to a bankruptcy lawyer about your options for making Chapter 13 bankruptcy plan work for you, contact McCue Law Office in Bangor today.
Have you been falling behind on your mortgage payments? Received a foreclosure notice in the mail? If so, it’s important to take action immediately against it. While the potential of foreclosure can…Read More
Bankruptcy is considered a last resort for businesses and individuals who are suffering financially. And for good reason — it’s a challenging process that can have long-lasting consequences. If yo…Read More
Personal Injury After an accident of any kind, you should be able to focus on healing without worrying about how you will pay your bills. Our law firm works on a variety of personal injury cases, incl…Read More
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