Chapter 13 Lawyer in Houston
The prospect of declaring Chapter 13 bankruptcy is a daunting one, and something you shouldn’t have to face alone. Call a chapter 13 lawyer in Houston. If you feel you need a plan to get your finances back on track, we are here to help during this stressful time in your life.
For a Chapter 13 bankruptcy lawyer, call 281-531-0902
We give free phone consultations.
Chapter 13 bankruptcies is a reorganization of debts designed to help property owners keep their homes, cars and other valuable assets while getting a handle on debt. By filing under this plan, you may be able to stop foreclosure, repossession, wage garnishment and debt lawsuits, and significantly reduce or eliminate credit card debt.
Chapter 13 Bankruptcy often provides relief for people who have faced short-term financial setbacks like job loss, illness or large unexpected expenses. For people who have fallen behind on their bills but have regular income, filing under this plan may allow the breathing room they need to get back on track with their payments and keep their property.
When someone files for Chapter 13 bankruptcy, their aim is to have the opportunity to repay some or all of the debts in their name with lower or no interest. The process involves restructuring debts, which allows the debtor to use whatever income they may have in the future to pay off their creditors. The United States Bankruptcy Code gives the debtor a ceiling of five years to pay back his creditors. The entire process is carried out under the supervision of the courts.
Here is how we will guide you through the Chapter 13 process:
- Determine whether this is the best solution for you.
- Prepare a budget.
- Examine individual cases to figure out whether they require filing bankruptcy, or can be tackled in some other way.
- Determine and implement methods of dealing with secured creditors.
- Devise a plan, and fill out the forms.
- Pay the filing fee, and complete and file the forms.
- Attend whatever meetings may be required.
- Obtain a discharge once the payments have all been made, and the plan terminated.
The most important criteria for you to be able to file for Chapter 13 Bankruptcy is that you must have a regular income. While debtors are allowed to keep all of their property, the court approves a new interest-free plan for repayment. The plan gives details of all the transactions that will occur and for how long. The repayment must begin within 30 to 45 days after the case has started.
The creditors must strictly adhere to this repayment plan and are prohibited from collecting any claims from the debtor. The extra step of paying a trustee, who then pays a creditor, as in Chapter 7 bankruptcy, is usually eliminated. But in some cases, people may involve a trustee who would take care of disbursing money to the creditors.
One advantage of filing Chapter 13 bankruptcy is the full discharge option. For example, if a debtor manages to complete all the necessary payments in the plan, he or she is given a full discharge. Another advantage is that a repayment plan can be created even if creditors disagree with it, as long as it is approved by the court. However, the court allows creditors to file an objection, if they have one.
If you believe this is the best solution to get you out of financial dire straits, we can come up with a strategy so you can get back your financial freedom. Call us if you need a Chapter 13 lawyer in Houston, Katy, West Houston, Sugar Land, Stafford, Jersey Village, West University, and Piney Point Village.