A Chapter 13 requires you to pay ALL of extra money to the Trustee every month!
You are prohibited from moving, buying a new car or taking a vacation during a pending Chapter 13!
Your creditors have to approve the Chapter 13!
The Trustee will take all your stuff when you file Chapter 13!
Yes, these are all myths and untrue when you file Chapter 13. This week's episode came about from a consultation with a prospective client who was so scared of filing Chapter 13 because of all of the misinformation on the internet. Once I dispelled those myths, we were able to craft a plan that allowed her to repay a portion of her debt, get a fresh start, keep some of her luxury items (like jet skis) and save a little bit of money each month!
What other rumors or myths are there around Chapter 13? This week, we discuss 13 of them (including some of the ones mentioned above).
Please remember to refer an attorney or title company to our sponsor, Sam Cohen at Attorneys First Insurance. Sam@AttorneysFirst.com or www.AttorneysFirst.com
If you want to learn more about Chapter 13 bankruptcy, you can read my book - Become Debt Free in Less Than One Hour at www.ShawnMYesner.com/BecomeDebtFree