We end this series on Chapter 13 with some illustrations of how it works and why it can be so great.
Curing Home Arrearage
If you are behind on your mortgage payments, especially enough so that you are being threatened with foreclosure, catching up can be almost impossible. If you file a Chapter 7 case, usually you’ll get at most a year or so to catch up. If you are many thousands of dollars behind, that’s not nearly enough time.
Here’s how it works instead under Chapter 13:
Harry and Sally fell 10 payments behind on their $1,750 mortgage while …