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How do you pay for your Car on chapter 13 Does the monthly payment stay the same?
Wiki User
∙ 16y ago
Sometimes. You have to pay your debts, you are just given time to do so where they cannot seize the asset. The payments themselves may be budgeted differently.
Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time.
Another advantage of chapter 13 is that it allows individuals to reschedule secured debts like cars (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments.
Chapter 13 also has a special provision that protects third parties who are liable with the debtor on "consumer debts." This provision may protect co-signers.
Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection.
Wiki User
∙ 16y ago
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My brother died and both of your names are on the house you had built but your name is first do the monthly payment change since he is no longer living or do they stay the same?
The total payment wouldn't change. You might check with your bank however to see if there was insurance to pay off the house if he died though. Talk to your bank.
Will paying extra on mortgage principal lower monthly payment?
Generally no. If you pay extra on the principal you will pay off the loan earlier, but your monthly payment will stay the same. If you want to lower the payment, you will need to refinance. But paying extra will help you payoff your loan faster and can save significantly on the interest paid. For example, a 300,000 loan at 5% for 30 years, paying just $200 extra per month reduces the number of monthly payments by 78, or 6.50 years, and reduces the interest and total paid by $69,210.39. A significant savings to you.
How long can you stay in your home after chapter 7 bankruptcy in Illinois?
If, after meeting with an attorney, it is determined that you do not have an equity position in your home that exceeds the Illinois statutory exemptions, you will be able to keep your home in a Chapter 7, as long as you continue to be current on your monthly mortgage payments.
If i lose part of my income while in chapter 13 will my payments be lowered?
Well no they may stay the same
Filing chapter 7 after negotation a debt through court?
Assuming you mean a payment plan for a debt that a creditor got a judgment for in civil court, and you are asking if you can file Chapter 7 (and qualify to do so), yes, you can, and the repayment agreement then is subject to the bankruptcy court automatic stay.
Why monthly period stay on to long?
If a monthly period lingers for a long time it can be caused by a condition called menorrhagia.
What is the Monthly pay a diesel mechanic earns?
depand where you stay
In bakuman do takagi and iwase stay together?
As of chapter 153 they continue to stay as rivals
Do we stay at the inn chapter 17 excersize I translation In ecce 1?
No, we do not stay at the hotel.
How do you calculate exactly when a Chapter 7 bankruptcy will be removed from a credit report?
If you filed March 11, 1997 it will stay on reports for 10 years so it should come off march 12, 2007. Chapter 7 bankruptcies stay on report for 10 years. Chapter 13 stay for 7 years on experian and transunion. On equifax they stay for 10 years!
What decision did Ponyboy make at the end of chapter 5?
He can stay with them.
What chapter is the quote stay gold pony stay gold?
Chapter 9. Go to Spark notes and search the outsiders. Find "important quotations explained" and click "explanation for this quote".
