Hello folks and that you for joining me for another episode of the ADR-NOW! Internet Radio Webinar. I am your host, Anthony Johnson.
In this episode, we will talk about why filing a Chapter 13 bankruptcy may not be the best avenue to take when faced with a foreclosure action. A Chapter 13 bankruptcy establishes a plan for fixed payments over a number of years. The fixed payments are calculated to pay off a percentage of your pre-bankruptcy debt, including back house payments at an affordable rate. However, in order to keep your home, you need to keep up with your regular house payments while you make your plan payments.
For the plan to be effective, payments to the Chapter 13 Trustee must be kept current or the court protection will be withdrawn and the lender can and will resume foreclosure proceedings.
Unfortunately, over two-thirds of Chapter 13 filers cannot follow their plans and make their scheduled payments. A missed plan payment might follow an unexpected event, such as a divorce or illness, and as previously mentioned, the court protection will be withdrawn and the lender will resume foreclosure proceedings.
For a FREE consultation on how to remedy this situation, please visit A. Johnson & Associates, LLC at www.adr-now.com or call 888-502-0586.
DISCLAIMER: We are not attorneys. We are not engaged in rendering legal advice. We are Alternative Dispute Resolution Practitioners. If legal advice is required, the assistance of a competent, qualified professional should be obtained.
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