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Are You Too Far Behind on Your Mortgage for Chapter 13 Bankruptcy?

Mortgage lenders have been delaying foreclosures for people all over the country.   You can read the newspapers.  You have acquaintances that will tell you about their buddies that haven’t made a mortgage payment for two, three, or even four years, and the mortgage company hasn’t even started the foreclosure process.  Loan modifications can stretch on, court proceedings and settlement conferences are scheduled and canceled, or unsuccessful Chapter 13, can all delay things. As a result, the mortgage arrearages–the amount you’re behind on your mortgage–can add up to a lot of money.

When you go to most consumer bankruptcy attorneys to file for a Chapter 13 repayment plan, the attorney will look at the arrears – divide that by 60 months (since the full amount of the arrearage must be paid over a maximum of five years)  then add that number to your regular mortgage payment.  That number will be the minimum number you will need to pay.  For example,  If the arrears are $60,000 and your regular mortgage payment is $1200.00, then this would require at least a $2,200 per month payment (not including trustee fees). Most people just can’t afford it.

This may result in many people thinking that they have no alternative other than losing their home. But there is another alternative: Individual Chapter 11.

Most people don’t even know that individuals can file for Chapter 11; they think that it’s just for American Airlines, and other big businesses.  The benefit is that in a Chapter 11 case, there is not a limit on the repayment term for mortgage arrearages and you make the payment yourself directly.  You could rewrite the payment term of your arrears.  If you had 20 years left on your mortgage, you could repay the arrears at a rate of $250.00 monthly plus $1200.00 regular monthly mortgage payment.  $1450.00 is a lot more comfortable than $2,200.00.

Now, Chapter 11 isn’t for everyone. It is much more complex and expensive than a Chapter 13, and there aren’t a lot of consumer bankruptcy attorneys who know enough to guide you through an individual Chapter 11.  However, with the right attorney, the benefits are worthwhile.

Get Trusted, Experienced Bankruptcy Counsel Today

Applying decades of experience, Steven Taylor will assess your financial situation and hear you out on your goals.  To discuss your immediate concerns and long-term financial challenges, request a free telephone consultation with Steven Taylor to determine if Chapter 11 or Chapter 13 bankruptcy is right for you today.  He can help you find the best solution and take decisive action to regain your financial foothold.

Steven P. Taylor, P.C. | Indianapolis  Bankruptcy Lawyer

Contact the law firm of Steven P. Taylor, P.C. today at (317) 271-1111 for a consultation about whether you should file for bankruptcy in Indiana or email us your questions.  

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Prior to your first meeting with my office, please complete the above downloads. They can provide me with further insight into your financial situation and allow me to determine if bankruptcy is appropriate for you.

Steven P. Taylor, P.C. | Indianapolis Kokomo Bankruptcy Lawyer

Contact the law firm of Steven P. Taylor, P.C. today at (317) 271-1111 for a consultation about whether you should file for bankruptcy in Indiana or email us your questions.  Steven P. Taylor will assist you in determining whether a bankruptcy is the best path for you, and will guide you through the bankruptcy process.

We are a debt relief agency. OUR DEBT RELIEF LAWYERS help people file for bankruptcy under the united States bankruptcy code. IF YOU NEED DEBT RELIEF, OUR LAWYERS ARE READY TO HELP.

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