What Is The Benefits Of Chapter 13 Bankruptcy?

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There are many benefits associated with filing a Chapter 13 bankruptcy. The types of benefits that will result will depend on the facts of the case. Below is a few of the benefits available with filing a Chapter 13 bankruptcy. Pay Mortgage Arrears- You can set up a 3 to 5 year plan to pay mortgage arrears that are past due on your home. If you are in the process of being foreclosed and you are behind on your mortgage, you can set up a repayment plan for your mortgage arrears. Strip Second Mortgage- If your home value is below what you owe on your first mortgage and you have a second mortgage, you may be able to remove your second mortgage in a Chapter 13 bankruptcy. Pay Back Taxes- If you owe taxes to the federal and state government, you can set up a repayment plan through a Chapter 13 bankruptcy. These are just a few of the benefits that a Chapter 13 bankruptcy can provide.