Chapter 13 Bankruptcy Attorney
Chapter 13 in the Bankruptcy Code treats a broader range of debts than Chapter 7 bankruptcy, but payments must be made to a Trustee for a period of time. The Trustee passes some payments to creditors. There are certain benefits available.
Chapter 13 is sometimes referred to as a “Wage Earner’s Plan.” Filing Chapter 13 allows individuals to temporarily halt foreclosures and collection actions while they draft and execute a plan to repay some or all of the debts over a three- to five-year period.
Repayment Plan for Chapter 13 Bankruptcy
The repayment plan needs to be approved by the bankruptcy court. Sometimes, if you are behind on your mortgage or your car loan, and you don’t think you can catch up easily, you file a Chapter 13 bankruptcy. Your debts may be restructured, and some interest rates may be changed on your loans.
Qualifying for Bankruptcy
Unless you have acted in “bad faith”, you will qualify for bankruptcy according to your ability to pay all of your creditors after paying your living expenses. Acting in “bad faith” would include actions like spending lots of money on luxury items just before filing bankruptcy or committing identity theft.
Qualifications for Chapter 7 bankruptcy and qualifications for Chapter 13 bankruptcy differ, and Machi & Associates will help you decide which may be right for you. Contact us today for a free evaluation of your position. If you are struggling to pay your bills, we can help. You can make a fresh start.
Deciding to File For Bankruptcy
There are many factors in making this decision. The type of debt you have, the type of assets you have, your income to debt ratio, and your obligations to others will need to be considered. We offer a free consultation so you can get professional, compassionate, and honest advice.
Consider These Questions:
- Do you have a high amount of unsecured debt, including credit cards?
- Are you unable to reduce your total debt most months?
- Is your property going to be foreclosed on?
- Is the repo man looking for your car?
- Are your creditors harassing you?
- Do you owe medical bills?
- Do you have any judgments against you?
- Are you having IRS problems?
If you answered ‘yes’ to any of the above, discuss bankruptcy protection with a Texas board certified bankruptcy attorney. Federal protection may help.
What Does it Cost to File for Bankruptcy?
Every bankruptcy filing is different. Filing fees and miscellaneous court fees are set by the United States courts. Attorney fees will vary from case to case also. At Machi & Associates, we have maintained a reputation for quality, professional, service and reasonable, affordable fees for over 35 years.
Filing Chapter 13 Bankruptcy in DFW Texas
To speed up our ability to provide you with an accurate cost, consider completing our online bankruptcy qualification form.