Chapter 13 reorganizes your debt. You create a realistic payment plan based on your "disposable income" that you have at the end of the month, -— money left over after payment of all after living expenses. It is wise to get qualified legal help as soon as possible, because a lawyer has detailed knowledge of the best way to protect your assets. We may be able to help you use these very helpful federal laws to save your home, stop foreclosure and consolidate debt.
Under certain circumstances, a Debtor who has filed a Chapter 13 bankruptcy may also "strip-off" a second or third, wholly unsecured mortgage. A Debtor may also "cram-down" a first mortgage on a rented, investment property to the current value of the property, and pay the new mortgage payment through their Chapter 13 Plan. In certain instances, the Chapter 13 Debtor may also be eligibale to "cram-down" loans on certain personal property such as vehicles, furniture, electronics, etc.