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Chapter 13 bankruptcy may save family home

As financial problems mount, decisions regarding which bills to pay and which bills to let lapse often become a topic of conversation for a family. Fear of losing the family home is often a primary concern when Kentucky residents face significant financial problems. One way to possibly solve the dilemma over which bills to pay and as a way to save the family home is to file for Chapter 13 bankruptcy.

With Chapter 13 bankruptcy, the bills are reorganized to allow the filer some financial breathing room. Once the individual files for bankruptcy, a trustee is appointed. This trustee then reviews the debts that the individual owes and the individual's income that is available to pay this debt. A repayment plan is proposed by the filer, based upon a repayment scheduled over a three to five year time period. The plan must be approved the court court before it can be put into effect.

One benefit of Chapter 13 bankruptcy is that it relieves some of the financial pressure on the individual. The total that the individual pays toward debts is based upon his or her available disposable income. As a result, if there are delinquent mortgage payments, they can often be caught up and the risk of facing foreclosure averted.

Just about every Kentucky resident faces some form of financial problem at one time of another. For some, this problem is a temporary one with an end in sight. However, for others, there appears to be no end in sight. The decision to file for Chapter 13 bankruptcy is a personal one; an experienced attorney can help one review the situation and determine the most appropriate alternative.

Source: realtytrac.com, "The Truth About Bankruptcy, Foreclosure, Avoiding Foreclosure, Chapter 7, Chapter 13", Accessed on May 31, 2017

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