ATTORNEY AT LAW
107 North 2nd Street Suite C Wilmington, NC 28401
Fax: 910 769 3118
Real Estate Group: 910 763 1683
910 769 2896
Many people file a Chapter 13 as a means to catch up on their house payments over the plan period. If you are behind $10,000.00 on you home payments, you can catch up by paying part of that amount every month over the plan period. If you do not want to, or cannot afford the catch-up payments (which are added to your regular monthly payment), you can also surrender your house in a Chapter 13, and thereby avoid liability for deficiencies and second mortgage debt. In some instances you may be able to retain your house, and avoid your second mortgage. Often we can reduce the interest rate and payment amount on car payments.
In a Chapter 13 you may also be able to, subject to the plan payment computations mentioned above, avoid many types of debt, such as credit cards and medical debt. Some debt cannot generally be discharged, such as alimony, child support, student loans and taxes.
The process can be fairly simple after your Plan is confirmed, and very often there are no hearings before a judge. You will have a Creditors' Meeting with your Trustee, but it will be in Wilmington, and may not last more than 5 minutes! After confirmation, you just make your payments, and that is it!
The Fees and Costs are regulated by the Bankruptcy Administrator in Eastern North Carolina.
After making the required plan payments, most, if not all of your debts are “discharged.”
To assist property owners in determining whether they can save their homes, we also offer a free thirty-minute initial consultation, so that you can speak personally and confidentially with Mr Newton to discuss your current situation and options. Give us a call to schedule your free 30-minute initial consultation, and let us help you save your home!