Amazingly, yes. Remember this line from Touch of Grey?

“I know the rent is in arrears
The dog has not been fed in years
It’s even worse than it appears
but it’s all right…….”

Is it possible that the Dead were giving their audience a bit of legal advice? Perhaps suggesting chapter 13 bankruptcy as a way to “get out from under.” After all, what other legal process allows a family that is past due on the rent or mortgage to catch up on payments over a manageable time period? Indeed, chapter 13 can be an effective way of reducing credit card debt while stopping foreclosure and giving the debtor time to pay back arrearages over a 3-5 year period.

Filing for chapter 13 invokes the protection of the Automatic Stay, stopping a pending foreclosure sale. From there, past due mortgage payments are paid out over the life of a repayment plan that the debtor formulates with her attorney. Catching up on the mortgage over a 3-5 year period is much more manageable than the typical immediate demand for repayment made by the banks. One word of caution: chapter 13 allows time to catch up on mortgage payments, however, to keep your home normal monthly payments will need to be maintained. Having said that, second and third mortgages can be modified through a chapter 13 plan, so it may be possible to lower the normal monthly payment to free up extra cash to pay for dog food.

If you have questions about your bankruptcy options, contact an attorney.