Filing for Chapter 13 may be a good option if you seek to protect property from repossession or foreclosure, your income exceeds the amount allowable for Chapter 7, or if you have too many assets to qualify for Chapter 7 bankruptcy protection.
Chapter 13 can be filed by qualifying individuals and small sole proprietor businesses that want to repay creditors, but are unable to do so because of debt. This chapter is commonly referred to as a reorganization bankruptcy because it involves developing a three- to five-year payment plan to repay some or all claims of creditors.
Bankruptcy attorney Jean Roche has more than 28 years of experience representing debtors in voluntary Chapter 13 bankruptcy cases in Dallas, Plano and nearby cities. She will expertly assist you in negotiating a payment plan that should let you retain your assets while paying back creditors — at a pace that you can afford.
What Are The Benefits Of Filing Chapter 13?
Filing bankruptcy under Chapter 13 offers some of the same immediate benefits as Chapter 7 bankruptcy. It initiates an automatic stay that stops creditor harassment, foreclosure, repossession and wage garnishments, and prevents collection lawsuits. Chapter 13 generally allows the debtor to establish a repayment plan so that he or she can retain or keep many assets that Chapter 7 liquidation bankruptcy does not accommodate.
By keeping up with regular income and means-adjusted payments over the course of three to five years as set out by your payment plan, you may also be able to keep your mortgaged home and any car or other property purchased with a secured loan. After the term of your payment plan has ended, and if you have not missed any payments and the terms of your Chapter 13 plan have been fulfilled, any remaining unsecured debts should be discharged (with some exceptions, like student loans, past-due child support payments and income taxes).
Call For A Free Consultation
For legal advice that is specific to you and your circumstances, call 708-427-4882 for your free consultation with Chapter 13 bankruptcy lawyer Jean Roche.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.