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Seniors Facing Financial Trouble Often Need Chapter 13

seniors facing financial trouble often need Chapter 13The financial burden of Americans today stretches beyond student loan debt. Senior citizens are also beginning to face a growing problem with debt. Debt  results in seniors facing financial trouble often need Chapter 13 to help. Luckily, Chapter 13 offers resolution for many types of debt.

Seniors Facing Financial Trouble Often Need Chapter 13

Many seniors are facing debt problems resulting from bad mortgage loans. Many of these bad loans were given before the housing crash in 2008. Those who bought homes before 2008 are carrying mortgages with unstable conditions. One example is the adjustable rate mortgage. The interest rate adjusts each year. As the rate goes up many can no longer afford their payment.  Another example are interest only loans. At first, the payments are lower because they don’t include the principal payment. Once the interest only period is over, they can no longer afford the payment.

Foreclosure notices begin quickly. Seniors are faced with a tough decision to let go of their home or find help. Filing for Chapter 13 is an option to protect homes from foreclosure. A Chapter 13 can immediately stop a foreclosure. This allows time to develop a debt relief plan. One option is to file for a loan modification. By modifying their loan, seniors can obtain a more affordable payment. Another option in Chapter 13 is ask the court to cram down the debt. The mortgage debt amount may be lowered to the market value of the home.

A Chapter 13 can also help seniors by eliminating other sources of debt. Credit cards and medical bills can be eliminated in Chapter 13. Seniors can pay based on what they can afford each month. The payments are spread out over a period of three to five years.

Financial stability is important for all of us. Anyone suffering with too much debt need to contact bankruptcy lawyer in Stockton CA. It is important to discuss options for debt relief.

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