Posted on: 17th Aug, 2011 10:40 am
If I file chapter 13, is the amount I pay toward my mortgage the ONLY amount or do I have to continue making the regular payments and the chapter 13 payment is for the back amount that I owed? What if I included my vehicles? At the end of the term would they be considered paid in full or is the payment system for chapter 13 just to give you breathing room for a few years??
Hi shellyandmike!
Welcome to forums!
Once you file Chapter 13, your trustee along with your lenders will offer you a repayment plan. You will have to make payments as per that payment plan to your lenders/creditors. You won't have to make any other second payment. You will be able to pay off the debts within a period of 3-5 years.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Once you file Chapter 13, your trustee along with your lenders will offer you a repayment plan. You will have to make payments as per that payment plan to your lenders/creditors. You won't have to make any other second payment. You will be able to pay off the debts within a period of 3-5 years.
Feel free to ask if you've further queries.
Sussane