When filing a bankruptcy, a chapter 13 can allow you to catch up on any late payments on secured debts through a no-interest repayment plan. A secured debt is a debt that is secured by an asset, such as a mortgage or car loan. If you are behind on these payments, but still want to retain the asset, a chapter 13 bankruptcy will allow a no-interest payment plan. Assuming you complete the repayment plan successfully, you will simply need to continue the monthly payment moving forward after the bankruptcy, and you will be allowed to retain the asset.
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