Chapter 13 Bankruptcy

Chapter 13 Bankruptcy

Are you worried about missing a payment on a house or car? Are your debts preventing you from making ends meet? A Chapter 13 bankruptcy could be your answer. A Chapter 13 Houston bankruptcy you can get out of debt. It can also protect against foreclosure or repossession.

Chapter 13 Bankruptcy

A Chapter 13 bankruptcy can help you repay debts and keep your assets.  Similar to a debt consolidation plan, a Chapter 13 rolls your debts into one payment. Plans are typically spaced out over a period of three to five years. There are no interest fees in the plan. The plan is affordable, based on an your income.

Your Chapter 13 bankruptcy payment considers your living expenses. Expenses like a house or car payment, gas and groceries, and more.  A Chapter 13 plan is for a term of either 3 years or 5 years. Your payments go to a trustee. The trustee divides the payments among your creditors for you.  A Houston bankruptcy lawyer can give you more information about monthly payment plans under Chapter 13 bankruptcy.

How Can A Chapter 13 Bankruptcy Help?

A Chapter  13  bankruptcy is one of the best ways to resolve debts tied to assets like a mortgage. Chapter 13 allows you keep property that may have been liquidated under Chapter 7 bankruptcy. Chapter 13 can help y ou keep your house, car, and business. If you are facing a Houston foreclosure, this may be a good way to prevent losing your house.

A Chapter 13 Texas bankruptcy will stop all garnishment, repossession and foreclosure actions. You will not be contacted by creditors.  You will keep your home, car and paycheck.  By making your Chapter 13 plan payments your credit score could even increase. You will be able to rebuild your credit more quickly. When looking at Houston debt relief options, think about Chapter 13 bankruptcy because it brings these many benefits that can put you back on the path to financial freedom.

Contact Our Texas Bankruptcy Lawyers

Some debts that may not be eligible for a Chapter 7 case may be eligible for a Chapter 13 plan. Further, Chapter 13 is not income restricted like a Chapter 7 filing and only caps eligibility by debt levels. To be eligible for a Chapter 13 case your secured debts must not exceed $1,149,525, and unsecured debts less than $383,175.

Baker & Associates is a team of board certified bankruptcy attorneys experienced in all aspects of debt relief, foreclosure defense and financial help. Having successfully handled over 5,000 consumer bankruptcy cases, we can help you successfully navigate the Chapter 13 process. Our lawyers are experienced in foreclosure defense and debt negotiation. We can stop your collections and protect your assets!