Sr William H Flatt Smiths Station Alabama

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Debtor: Flatt, Sr William H - Smiths Station, Alabama (AL)

Bankruptcy filed - December 2008, discharged - September 2013
Court Case: 08-35516 (Alabama Bankruptcy Court)
Chapter: 13, Chapter 13 offers ... lower the payments. Chapter 13 also has a special provision that protects third parties who ... §13
Filed: December 11, 2008
Discharged: September 09, 2013

Sr William H Flatt   Address: 19707 US Highway 280 East Smiths Station, 36877-4031 Alabama

Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of chapter 13 is that it allows individuals to reschedule secured debts (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments. Chapter 13 also has a special provision that protects third parties who are liable with the debtor on "consumer debts." This provision may protect co-signers. Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection.