For those who have a regular income that would not appear to pose a threat, they may still face serious financial troubles. Chapter 13 is a solution to those who are seeking debt relief from our firm, which understands this aspect of bankruptcy. This type of bankruptcy can help you obtain the fresh start you have been awaiting. It sets you on a road to financial freedom that is accomplished through the establishment of a payment plan. If you do not qualify for Chapter 7 bankruptcy as a result of a failure of the means test, Chapter 13 can still help you discharge debts.
Establishing a payment plan for paying off debts can help you to only have to pay that which is a reasonable amount each month. Chapter 13 bankruptcy may allow you to halt foreclosure and car repossession. The creditor can establish a plan that allows them to pay back secured and unsecured debts. Secured debt is backed by collateral, such as homes and vehicles. Unsecured debt is not attached to collateral, but is acquired for services and not physical possessions. Unsecured debts include student loans and credit card debts.
Chapter 13 bankruptcy is an excellent option for any who are not able to file for Chapter 7 bankruptcy. It is a great option for those who want to protect their homes, vehicles and other assets. Chapter 13 has many benefits, especially when fighting against foreclosure. It allows you to protect these assets while taking steps toward financial freedom. In Chapter 13 bankruptcy, the damage done to your credit is less severe. Maintaining a positive financial outlook can be accomplished by filing for Chapter 13 bankruptcy. To find out more about how Chapter 13 can benefit you, or to obtain a complimentary consultation, contact our firm today! Our Texas bankruptcy attorneys handle many Chapter 13 cases on a yearly basis, and we have offices in Killeen, Temple, Waco and throughout central Texas.