South Texas Chapter 13 Bankruptcy Attorney
The Chapter 13 Repayment Plan
If you are seeking relief from overwhelming debt but have a high disposable income or property you would like to protect from liquidation or foreclosure, you can turn to a Chapter 13 bankruptcy. A Chapter 13 repayment plan will allow you to repay part or all of your debt over a three-year time period by making regular payments based upon your disposable income level. During the entire extent of your repayment plan, all debt collectors and creditors are prohibited from making efforts or taking legal action to collect the debt they are owed. In some cases a five-year repayment plan will be allowed, depending on the situation. All payment plans are subject to court approval and a proposed plan must be filed with your bankruptcy petition or within 15 days of filing.
A bankruptcy attorney at our law firm can help you gain a clear understanding of exactly how filing for bankruptcy under Chapter 13 of the U.S. Bankruptcy Code will affect you, as well as how the repayment plan works. We help debtors in Corpus Christi, Harlingen, McAllen, Brownsville and the surrounding areas in South Texas and can offer you honest insight based upon extensive legal knowledge of bankruptcy and other forms of debt relief.
We can help you in determining whether a Chapter 13 bankruptcy is the right option for you and can assist you in filing your petition and your proposed repayment plan. We will review your financial situation with you and will help you develop a plan that provides fixed payments to the bankruptcy trustee on a weekly, biweekly or monthly basis. Your payment amount will be based upon your disposable income, which is your net income minus all necessary expenses to support you and your dependants. We can also help you understand how your repayment plan will affect your creditors. Though it is called a repayment plan, most of the time creditors only receive a portion of the money they are owed, somewhere around 10 cents on the dollar in many cases.
Bankruptcy Lawyer Serving Corpus Christi, Brownsville, McAllen and Harlingen
Do you need help in filing a Chapter 13 repayment plan and bankruptcy petition in Harlingen, McAllen, Corpus Christi or McAllen? Contact a South Texas Bankruptcy Lawyer at our offices today.