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Help with Financial Stress

Filing a Chapter 7 or 13 bankruptcy can relieve the stress of high credit card debt and in the right circumstances a high car payment. In a Chapter 13 bankruptcy, if the car was purchased over two and a half years prior to the filing of the bankruptcy you only have to pay the creditor the value of the vehicle at the time of the filing of the bankruptcy and a fair interest rate, which according to the Supreme Court is the prime rate of interest plus one to three percent. Ordinarily in a Chapter 13 the interest rate is prime plus two percent. The Chapter 13 gives you the opportunity to pay your debts over five years. The Chapter 13 plan can also be three years if you want it to be three years and your household income is below the median income of the state for your family size.

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