Chapter 13 – A Great Option When You Own a Lot of Property

12/01/2013

A husband and wife hired us to file a Chapter 13 bankruptcy. They had $29,154.80 in assets, including 4 cars that they owned outright. They had $138,667.07 in unsecured debt, and $209,538.82 in secured debt. The clients intended to surrender their homestead in the bankruptcy. As a result, they were entitled to a $8,000.00 wild card exemption, a $2,000.00 personal property exemption, and a $2,000.00 vehicle exemption, a total of $12,000.00.

The clients will pay a total of $15,481.26 to their unsecured creditors over 5 years, and discharge a total of $332,724.63.

The clients are thrilled that they are able to have a manageable monthly payment and that they will be able to keep all 4 of their cars. They were originally very hesitant to file bankruptcy because they feared that they would not be able to keep all of their cars.

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