Keep your assets with a repayment plan through Chapter 13 Bankruptcy!
Thinking about filing Chapter 13 bankruptcy, but not too clear on what bankruptcy is going to be best for you? Chapter 13 bankruptcy is considered a reorganization while Chapter 7 bankruptcy is considered more of a liquidation process. With filing Chapter 13 bankruptcy you have opportunity to keep your assets such as your house, prevent home foreclose, back taxes, keep non-exempt property and so on.
Wondering if bankruptcy is right for you? Call us today at (512) 387-6383 and schedule your FREE consultation.
How does Chapter 13 bankruptcy help me keep my assets? Good question. The idea behind Chapter 13 bankruptcy is that you are making an agreement with your creditors that you are going to repay whatever it is that you, your attorney and creditors have agreed upon. During this time (typically 3 to 5 years) you MUST make each and everyone of your payments that you had originally agreed to. After you’ve completed your bankruptcy will then be discharged and your fresh start is right around the corner!
How much will I have to pay a month to complete my Chapter 13 bankruptcy? Based on the Texas Means Test, there are many factors that are determined in your repayment plan during your Chapter 13 bankruptcy. Some of these things are your disposable income, another factor when considerations are made when you start your payment plans is will the creditors receive as much as they would if you would have chosen Chapter 7 bankruptcy. As we mentioned earlier, Chapter 13 bankruptcy is more of a reorganization while Chapter 7 is more of a liquidation. In theory you can imagine that the creditors want as much as they can in repayment so if your assets can be sold (liquidated) for such amount, but you can only pay this amount, than you can see where there may be some obvious issues.
Whether a Chapter 13 repayment plan is best for you, Chapter 7 or even debt settlement, our experienced and qualified attorneys will help you with these difficult decisions. They will give you Chapter 13 and Chapter 7 information that will better educate you on your decisions and what you can do to live a worry free financial life. To speak to an attorney today, schedule a consultation or call us at (512) 387-6383. Meeting with Attorney by appointment only.Chapter 13 bankruptcy is a way to keep your assets by setting up a Chapter 13 repayment plan. Find out how, speak to an experienced attorney in Austin, Texas today!