There are many myths and misconceptions about what Chapter 13 bankruptcy can and cannot do. Unfortunately, misinformation often causes people to delay speaking with a lawyer about their true financial relief options. For instance, many people incorrectly believe that a Chapter 13 consolidates debts and requires them to fully pay off each obligation. However, a Chapter 13 usually proposes a plan to pay missed mortgage payments, missed vehicle payments, if necessary, missed real estate taxes, federal and state taxes that are three (3) or less years old and usually lowers vehicle payments as well as other personal loans having collateral or co-signers. At the law office of Ricardo B. Casas
in Hammond, Indiana
, we will fully explain if Chapter 13 is the best option for you.