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April 2015 Archives

Options for a mortgage in Chapter 13 bankruptcy

Individuals living in Arkansas may be curious about what a homeowner can do about their mortgage if they have filed for bankruptcy. If they cannot afford the payments, they do have the option to walk away from the home during bankruptcy proceedings under some circumstances.

Discharging debt under Chapter 13

An Arkansas resident who files for bankruptcy protection may be able to have many debts discharged. However, in a Chapter 13 bankruptcy, there are requirements that must be met before this is done. For instance, an individual must prior to filing pass a financial management course that is approved by the court having jurisdiction over the matter. Furthermore, a debtor must make payments to creditors under a court-approved plan that will last for a period from three to five years.

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