Yesterday I had the occasion to speak with fellow on the telephone. He was taking advantage of a service we offer in our office where we will conduct initial interviews by phone. These interviews are just as complete and thorough as our interviews conducted in the office. The same kind of preparation goes into the interview and our clients will frequently download our interview forms have been completed, even sometimes e-mailing them to us so that we can review them together. (Isn’t technology great!)
This gentleman was very well-prepared. In the 40 minutes that we spent talking on the phone he informed me that he expected that he was going to lose his house and was prepared to do that if that’s what it took to get his finances under control. He had over $60,000 in credit card bills and his income has gone down because he was recently disabled. He was quite despondent.
I could literally hear the relief in his voice when I explained to him that not only could we save his house but we could eliminate his second mortgage, as well as his credit card debt, with a very modest monthly payment. This gentleman would’ve qualified for Chapter 7 due to his low income on disability. But, because we are able to strip off second mortgages in Chapter 13 under certain circumstances, he was able to get a much better result in a Chapter 13 then he could have received a Chapter 7.
To say he was surprised at the result would be a gross understatement. Elated would be a better word.
This gentleman had done his homework. He was well-prepared. He has spent a lot of time on the Internet researching his situation. But, he had come to the wrong conclusion. Happily, the bankruptcy laws will work to his benefit and he will not only able to keep his house, but he will actually lower his housing costs.
The point of this post is simple. There is nothing wrong with researching your situation on the Internet, however, don’t come to any final conclusions until you talk to a bankruptcy expert. I have been doing this work for over 24 years and am a board certified consumer bankruptcy specialist. If you want to know your options and get straight answers, you can be confident that our office will tell you what can and cannot be done for you with a bankruptcy.