Who wouldn’t like to wave a magic wand and have their second (and third!) mortgage disappear, have their primary mortgage modified, credit cards cancelled and owe only what your car is truly worth, rather than owing thousands more than the car’s value?

Attorney Edward Gonzalez*, who practices bankruptcy in Maryland, DC and Virginia and who was featured in my November 18 blog about how to avoid foreclosure, wants people to know that such a magic wand exists. Ed wrote a wonderful white paper called “The Magic of Chapter 13,” which you may want to check out if you’re feeling overwhelmed financially, but have assets you want to keep (like your home and car!) In the report, Ed explains how Chapter 13 grants you, the consumer, extraordinary powers to take back control of your finances.

If you’re tired of trying to work things out with creditors who simply will not work with you, this paper is a must read. For example, did you know, in a Chapter 13:

  • You can modify loans without having to get your lender’s approval – the balance can be based on the current value, your interest rate could be reduced to just above the market rate and the length of your loan payments can be extended to make your payments affordable.
  • You can reduce the amount you owe, reduce your monthly debt load and still live in the same house and drive the same car!
  • Even in cases where you can’t modify your mortgage (if it’s a mobile home, for example), a Chapter 13 gives the lender incentive to do a voluntary modification with you.

If you’re feeling financially overwhelmed and considering bankruptcy, take these two important steps today:

1. Download the free copy of my special report How to Know If It’s Time to File Bankruptcy at http://www.paulalangguthryan.com/bankruptcytools/shouldyou.

2. Go to Ed’s website (listed below!) and read the full report on “The Magic of Chapter 13” to see if it could be helpful to you in keeping your home and car if bankruptcy is the right choice for you.

*Edward Gonzalez, Esq. focuses his law practice on financial matters for individuals and small businesses. He obtained his agency experience working for the Internal Revenue Service from 1988 to 1993. He has been in private practice since 1993 handling cases in the state courts of Virginia, the District of Columbia, Maryland, and the federal and bankruptcy courts for the District of Columbia, Eastern District of Virginia, and the US Tax Court. Check out the full report on Ed’s website: http://www.money-law.com/lawyer-attorney-1614330.html