What is Chapter 13 bankruptcy? It is a type of bankruptcy that will allow you to reorganize your debts in a way that you can more easily pay them back in three to five years. Although there are many reasons why people file for Chapter 13 bankruptcy, more and more individuals are using it to save their homes from foreclosure.

There are several ways that you can file for Chapter 13 bankruptcy. While you can file online through several different services it is best to contact a bankruptcy attorney to decide whether this type of bankruptcy will work best for you, and if you are eligible.

In some cases people choose to file for Chapter 13 bankruptcy if their creditors are pressuring them to file for Chapter 7 or Chapter 11 bankruptcy. However, you must be able to prove that you have enough income to support your reorganization plan. In addition, you must also show that you do not have too much income for Chapter 13 bankruptcy. At this time the federal limits are $336,900 in unsecured debts and $1,010,650 in secured debts.

Have questions about Chapter 13?  Contact us to get answers from a South Texas bankruptcy lawyer.