| Before consulting with
Chimko & Associates |
After Filing Chapter 7
|
After Filing Chapter 13 |
- Credit cards and hospital bills of $12,000
- Interest rate is 28%
- Penalties are accruing each month
- Payment is $416/month
|
Eliminated
|
- Reduced to $13/month
- No interest
- No penalties
|
- Car payment of $440/month
- Interest rate is 18%
- Bank threatening to take car
|
Must get current to keep car or surrender car and eliminate debt |
Reduced to $300 /month with only 12% interest
*Stops repossession
|
- Child support arrearage of $6,400
- Court demanding $310/month
|
Non-dischargeable (can't get rid of) |
Reduced to $106/month
|
- Past due house payments (arrearage) of $4,206
- Bank starting to foreclose
|
Must become current to keep house or surrender house and wipe out debt |
Reduced to $109/month
*Stops foreclosure
|
- Taxes owed to IRS of $3,310
- IRS demanding $160/month
- Interest rate is 6%
|
May be eliminated if over certain period and filed on time |
Reduced to $55/month with 0% interest
|
- Student loan of $8,000
- Interest rate is 8.5%
- Agency demanding $209/month
|
Non-dischargeable (can't get rid of) |
Reduced to $120/month with 0% interest
|
- Personal loan owed to bank
- Monthly payment is $130/month
- Bank threatening to garnish paycheck
|
- Eliminated
- Garnishment stopped
|
- Reduced to $14/month
- No interest
- No penalties
|
- Monthly payment before filing: $1,574
- Repossession pending
- Foreclosure pending
- Creditors calling every day
- Garnishment threatened
|
Depends on items kept |
- $652/month
- Payment reduced by 60%
- No repossession
- No foreclosure
- No contact from creditors
- Garnishment stopped
|
