It is not unusual at first for many people wanting to go bankrupt to discover that they don’t qualify for a Chapter 7 bankruptcy but instead have to go with the Chapter 13 bankruptcy relief. To them it is simply a payment plan that is going to put in place. If this is the case then they might as well do it themselves. This way they don’t have to go through the hassles of filing for the bankruptcy, or create a need to hire a Texas bankruptcy attorney.
What they may not realize is that the chapter 13 bankruptcy courts have a lot more power with the creditors than the individuals do. If this is something you are thinking doing on your own, chances are you have made some efforts already. You no doubt have tried to reason with your creditors and get your payments reduced or tried to get some extra time to repay. These efforts have been fruitless, simply because the creditors are under no obligation to comply. They figure if they put enough pressure on you they are going to get paid first before your other creditors. If nothing else your efforts to come to an agreement have just escalated the creditor’s attempts to collect.
In the Chapter 13 bankruptcy you may not have to pay the full amount of your debt. The courts will decide on a reasonable payment plan. Your creditors will have no choice but to adhere to this if they have any hope of getting any of their money owed to them.