What Exactly is Chapter 13 Bankruptcy? Do I really need it?
Chapter 13 Basics
A Chapter 13 is also commonly referred to as a reorganization bankruptcy. The secured and unsecured debts are restructured over a 36 to 60-month period. Generally, we would file a Chapter 13 if you were behind on a secured debt such as a mortgage, vehicle or IRS.
Who Can File?
Chapter 13 isn’t for everyone. To file Chapter 13, you must:
- be an individual (no corporations or partnerships);
- have a regular income greater than your reasonable living expenses; and
- have liquidated, unsecured debts not exceeding $383,175 and secured debts not exceeding $1,149,525.
Not you? Chapter 7 may be right for you.
I Am With You Every Step Of The Way.
Filing for bankruptcy can seem overwhelming – even discouraging. But it doesn’t have to be. My wife and I will work to make the process as easy as possible for you and for your family. We want to see you back on your feet and living your life. And we’ve helped scores of East Texans get through what they insisted (in the beginning) could never be overcome.
We’re serious when we tell our clients that there really is life after bankruptcy.
So, give us a call. We’re ready to help.
Chapter 13 Bankruptcy allows you to restructure your payments and ceases any activity to repossess or gain control of your home until the payments have been made.
Get Help With Car Payments.
Chapter 13 Bankruptcy allows you to negotiate how and when payments can be made on your car. This allows you the peace of mind of never seeing a tow-truck outside your door – hauling off with your means of transportation.
Let Chapter 13 help with the IRS.
It can be scary knowing you owe the federal government and can’t pay. Some taxes can be discharged as unsecured debts, much like a credit card or medical bill, at pennies on the dollar.