There are a variety of television shows on the air dealing with home renovations and makeovers. In some cases, families facing hardships may even have their homes completely remodeled as part of a show. Unfortunately, many individuals may struggle with the costs of keeping up these new homes and other financial burdens, as was the case for one family in South Carolina.
Reports stated that the family’s home was remodeled in 2011 as part of the show “Extreme Makeover: Home Edition.” Though the remodel may have been an improvement for the family, it also came with increased property taxes and higher monthly bills. The man stated that the home was not at risk of foreclosure, but the family had fallen behind on payments. Though they recently filed for Chapter 13 bankruptcy, they believe that it was due to other issues and not the home itself.
Reports stated that the family still have over $140,000 left to pay on the house, and they were behind $3,500 in payments at the time of their bankruptcy filing. However, the man stated that the debt issues were more related to loans that he had taken out for other endeavors. The man’s wife believes that filing for bankruptcy was a blessing as it allowed them to make decisions on other life aspects, like becoming foster parents.
Many individuals may be able to find Chapter 13 bankruptcy beneficial as this South Carolina family has. If parties are struggling with debt but have a disposable income that could allow them to make the necessary payments, a Chapter 13 repayment plan may work for them. Speaking with experienced attorneys may help interested individuals find out whether it could suit their circumstances.
Source: radaronline.com, “‘Extreme Makeover’ Debt Edition! Family Featured On TV Show Files For Bankruptcy”, Jan. 10, 2017