The Relief You Have Been Looking For

I make good money. I have a lot of debt. What can I do?  Chapter13 could be the answer. Consider this hypothetical situation:

Clients have $80,000.00 in credit card debt and $11,000.00 in tax debt.  Chapter 13 would look like this for them:

                $80,000.00         Credit card debt

                $11,000.00         Tax debt

                __________

                $91,000.00         Total debt

        to pay this off in Chapter 13 :

                 $91,000.00        Debt

                + $2,000.00        1/2 of my fee (the other half paid in advance)

                __________

                $93,000.00

                +$9,300.00        The trustee fee of 10%- the fee she gets for administering the case

                __________

                $102,209.00        (Wow! That is a big number!)

Divided by 60 (the number of months the law allows you have to pay it off) = $1705.00                   a month...... not such a big number and less that what they were paying for credit card debt without a Chapter 13.

So, this will payoff all the debt in 60 months (except for interest on the tax debt which would be minimal since that would be paid off in the first 8 months).

Why is this such a good deal? Well the penalties stop on the tax debt and the credit card debt is paid off at simple 10% interest, (the trustee fee)..That is right, the interest on your credit card debt that is keeping you from seeing the light of day stops in Chapter 13.

Unlike a "debt consolidation program" we can guarantee the results, our fee is locked in, the trustee's fee is determined in advance so you know what it is, and no one can sue you while you are in Chapter 13.  This is the relief you have been looking for.

Bankruptcy is not a bad word.