Filing for Chapter 13 bankruptcy in Idaho, immediately and automatically stops the scheduled foreclosure sale of your home. It not only stops foreclosure, it gives you at least 36 to 60 months to bring your mortgage current. If you have other debts such as car loans, taxes, and credit cards, Chapter 13 consolidates those debts to give you the breathing room you need while you get back on your feet.

My office can file your case instantly with electronic filing! Here are some features of Chapter 13 bankruptcy in Idaho:

It’s Powerful: Chapter 13 stops foreclosures, repossessions, garnishments, tax sales, tax levies on wages, lawsuits, collection letters and those nasty phone calls. Chapter 13 even stops the IRS! Chapter 13 is authorized by federal law, and it’s a powerful tool in keeping creditors at bay while you get control of your finances.

Debt Consolidation: Most of your debts are consolidated into one monthly payment.
Lower Payments: You’ll have up to 60 months to pay off your Chapter 13. In some cases, this means that your monthly debt load can be reduced greatly.

Lower Car Loan Interest: If you’re paying for a car, the interest rate on the car loan can be reduced to as little as the prime rate plus 2%.
Credit Cards and Medical Bills: Credit card debt and medical bills are repaid at 0% interest in Chapter 13. In some cases, you can wipe out your entire credit card debt without having to pay any of it back.

Income Taxes, Property Taxes and Child Support: If you’re behind on taxes or child support, you can use Chapter 13 to catch up on your payments. With Chapter 13, you can stop tax garnishments and real estate tax sales. In some cases, you might not have to repay all of your income tax debt.

Prior Chapter 7 or 13: If you previously filed a Chapter 7 or 13, you still can qualify to file Chapter 13.
Co-signers: You can protect co-signers of your debts with a Chapter 13 plan.
Leases: You can use Chapter 13 to bring lease payments current.

Your Credit Score: If you’re behind on your bills, your credit score has taken a beating. In many cases, Chapter 13 can help your credit score over the long run. With a Chapter 13, you’re paying off debt, which makes your score increase over time.
If you’re questioning whether you ought to file for bankruptcy, don’t hesitate to contact King Law, we’re here to help you!