New Federal Loan Modification Rules To Now Work With Chapter 13 Bankruptcy Laws

Chapter 13 IRS Tax Bankruptcy Requirements & Details. With a Chapter 13 bankruptcy, IRS taxes rarely are discharged (unlike with a Chapter 7) but instead repaid through the use of a payment plan that lasts anywhere from three to five years. If your income falls below your State’s median income the repayment term is three years, otherwise five.

Start by reviewing alternatives to bankruptcy and learning what bankruptcy can and cannot do. Then read about the two main types of consumer bankruptcy — Chapter 7 and Chapter 13. Learn which debts are wiped out, and which will survive bankruptcy and find out what happens to your property, including your home and car.

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The government instituted a program to set guideline for mortgage companies to restructure loans, called Home Affordable Modification Program or HAMP. In June 2010, the HAMP guidelines changed. The new rules made it more favorable for a person filing for debt relief through a Chapter 13 or Chapter 7 bankruptcy to achieve a HAMP loan modification.

Individuals filing for bankruptcy under Chapter 13 must use a new form that presents their payment plan in a more uniform and transparent manner, and creditors will have less time to submit a proof of claim, under new bankruptcy rules and form amendments that took effect Dec. 1.

However, having an open Chapter 13 bankruptcy can be a death sentence when you’re trying to apply for a loan. Most lenders won’t consider applicants with an open bankruptcy. Here is a comprehensive guide on some methods you can use to obtain a loan even if you have an open Chapter 13 bankruptcy.

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These and other talented speakers will address topics on critical issues involving mortgages, graying of debtors, factors impacting discharge rates, modifications, Chapter 13 duties, powers and limitations, negotiating with secured claimholders, class actions, security clearances, loss mitigation, presentation skills, new bankruptcy rules and.

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Here’s the good news: Fort Lauderdale Bankruptcy Court has implemented a new loan modification program on April 1, 2013 that offers realistic solutions for keeping your home. It’s available to those pursuing chapter 13 bankruptcy. In the chapter 13 loan modification program, your bankruptcy attorney takes a complete look at your financial picture.

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