Hello, my name is Andrew H Griffin the third I’m a California bankruptcy attorney with over 35 years of experience. I Want to give you a list of the five top reasons people filed chapter 13 chapter 13 is a type of bankruptcy for consumers that allows them to make payments on certain debts restructure others and discharge some for all unsecured non-priority obligations the Leading five reasons to file such a bankruptcy are one Your house is in foreclosure, and you need to stop that process the magic of a chapter 13 bankruptcy Is that a mortgage or loan? Company can’t go forward with a foreclosure of your home If you have proposed a plan to get them caught up thus if you are ten thousand dollars behind in your house payments But can we play can we pay the amount over three to five years then foreclosure stops – you owe the IRS And they are threatening to garnish your wages in a chapter 13 bankruptcy You can force them to take payments often the IRS will work with you voluntarily to pay off at X liability sometimes However, the monthly outlays proposed by the IRS are just too large but in chapter 13 bankruptcy You can force them to take payments. If you’re going to be able to cure the deficiency during the plan. That’s three to five years three you owe more on your first mortgage than the house is worth and you want Your second broker to rely no credit to go away This can happen in the chapter thirteen if you owe more on your first mortgage than the house is worth This is called lien stripping For you don’t qualify for a chapter 7 bankruptcy, but you need is some relief from your debts babka, the bankruptcy law that when its effect in 2005 limits individuals seeking to file a chapter 7 bankruptcy to persons who Qualify under the means test thus if you make too much money, you can’t file a chapter 7 5 Your own personal property or real estate? That isn’t worth what you owe on it But you still want to keep it and in chapter 13 often you can cram down The amount you are paying on a vehicle or a read? Non-residential piece of property by paying only the actual value to lienholder and treating the rest of the loan as unsecured These are the top five reasons to file a chapter 13 bankruptcy consult a good Bankruptcy attorney to see if you can benefit from such a filing This is Andrew H Griffin the third at andrew griffin law office calm today. We are helping you understand the bankruptcy process