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    Chapter 13 Reorganization

    The Chapter 13 Reorganization, allows you to consolidate all your debts into one low monthly payment. The payment amount is tailored to your budget. Chapter 13 is technically a Bankruptcy, but viewed differently since it is not a “straight bankruptcy”. Which simply eliminates all debt without any payment whatsoever. Instead, it consolidates all missed mortgage payments or “arrears”. Then spreads the repayment out over 3-5 years. The net result is that your mortgage is legally reinstated by Federal Court Order. And you continue to make your normal mortgage payments. The lender is also under strict scrutiny to account to the Federal Court. Any fees they attempt to assert over your normal mortgage payments.

    For example, if you are $9,000 in arrears on your mortgage, and your monthly mortgage payment is currently $3,000. Your Chapter 13 payment would be approximately $150 per month. (60 months x $150 =$9,000) The new total monthly house payment would be $3,150. The Chapter 13 program results in a more realistic repayment plan. The short term plans currently offered by most lender outside of the laws under Title 11, and you maintain all your rights under TILA, RESPA, HOEPA, FDCPA, FCRA, etc.

    For further information regarding or if you would like to speak to one of our Bankrupty Attorneys in San Diego, please CLICK HERE. Hablamos Espanol.

    Resource Links on Foreclosure:

    IRS questions and Answers on Home Foreclosures and Debt Cancellation: CLICK HERE

    Sample 1099C Cancellation of Debt for issued by lenders to borrowers: Download File 1099f

    

Advanced Reading:

    How did we get to this Subprime Mortgage mess: Download Subprime Files
    Understanding Securitization: 

 Download Securitization Files
    Consumer Home Mortgage Information, provide by California Department of Real Estate

    The San Diego Bankruptcy Attorneys of the Doan Law Firm, California’s Largest Family of Attorneys, Specializing in Bankruptcy, and Non-Bankruptcy Alternatives.

    At Doan Law our Bankruptcy Attorneys will answer all your Chapter 7 Bankruptcy and Chapter 13 Bankruptcy questions. Call us now to meet with one of our expert bankruptcy attorneys, at any of our San Diego Bankruptcy offices, call (760) 450-3333.

    For more information from an experienced San Diego Bankruptcy Attorney from Doan Law Firm, please CLICK HERE. Hablamos Espanol.

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