Houston Chapter 13 Bankruptcy Attorney
Currently Employed But Still Behind?
If you’re currently employed but struggling with bills and other debts, Chapter 13 bankruptcy offers a powerful solution.
Chapter 13 can assist with every type of debt and help avoid serious consequences, such as home foreclosure and vehicle repossession. Chapter 13 allows you to pay your creditors through a flexible repayment plan, which eliminates high interest rates, penalties, lawsuits, and garnishments.
Factors to Consider
- You can keep non-exempt property, provided you pay the creditors an amount equal to or greater than the value of your non-exempt property. This helps protect that would otherwise be liquidated in a Chapter 7 bankruptcy.
- You have up to 5 years to repay your debts.
- Chapter 13 bankruptcy will stop a foreclosure of your home, whether it’s filed by your lender, taxing authority, or the HOA.
- A second mortgage can be stripped through the bankruptcy if the value of your home is less than the amount owed on the first mortgage.
- Debts with the IRS can be spread through the bankruptcy plan. In some cases, the debt can be paid at a smaller percentage (depending on when you filed the return, tax year, and the assessment date).
- You can include your vehicle in the plan and avoid repossession. In some cases, you can pay the value of the vehicle instead of the total amount owed.
- You have to complete an approved pre-filing credit counseling course and post-filing financial management course.
- The filing fee ($310) and credit report fee ($75) are due prior to filing.
- A majority of the legal fees can be paid through the plan, making it easier to start the process and file.
- You must attend a meeting with the Chapter 13 Trustee (called the “341 Meeting”) and answer some questions about your case.
- If the Trustee and creditors agree and approve your repayment plan, the Court will issue a “Confirmation Order” and you will be on your way to financial freedom in a few years.
- If you fall behind at any point, you can modify the Confirmation Order and spread the deficiency through the remainder of the plan.
- Upon successful completion of the plan, any remaining unsecured debts will be discharged and most of the secured debt will be paid in full.
Start Resolving Your Debts Today – Speak to a Houston Chapter 13 Bankruptcy Lawyer
If you’re struggling with debt, facing home foreclosure, or worried about repossession of your car, Chapter 13 can help. It’s time to utilize this powerful tool to protect you and your family from your creditors.
To speak with a trusted Chapter 13 Houston bankruptcy lawyer, please call our Firm at 281-888-5581.