Scott Hannah, president of the Credit Counseling Society, a national non-profit organization, feels the Leemans are committed enough to succeed if they choose to follow his
lengthy debt repayment schedule.
Also, by clearing existing debts in this way, there is a chance to better structure
the debt repayment schedule.
They have just prolonged
their debt repayment schedule because they did not have the cash to handle emergencies.
We will help you prepare
a debt repayment schedule for your creditors that is less than the amount owed but is within your ability to pay.
It could be that pastors, more authorities on the bible than bankruptcy codes, do not necessarily understand the dynamics of chapter 11 bankruptcy which, more often than not, results in an administrative reorganization and creation of
a debt repayment schedule jointly agreed upon by the church, creditors and the courts.
It's important to be realistic and plan
your debt repayment schedule based on existing income.
Often the debt is extended over 15, 20, 25 years (the life of the mortgage), stretching out
your debt repayment schedule.
For individuals, the reorganization plan is similar to the repayment plan created in a Chapter 13 bankruptcy and includes
a debt repayment schedule.
The length of the term of the policy would match the length of the mortgage or
debt repayment schedule.