In today’s uncertain economy, it can be easy to get underwater financially. Many people may be just one paycheck away from financial distress or simply have trouble managing their money. If you’re drowning in debt, worried about foreclosure on your home, and tired of being hounded by creditors or threatened with wage garnishment, then Chapter 13 bankruptcy may be a viable option to help alleviate the stress and give you breathing room to get back on your feet again.
With the help of a Cedar Hill, TX, Chapter 13 bankruptcy lawyer, you can file for this repayment plan, which gives you three to five years to pay your creditors back and possibly discharge some of your debt. Contact Leinart Law Firm today to learn more—relief is in sight!
How Can A Cedar Hill Chapter 13 Bankruptcy Lawyer Help Me?
When you file for Chapter 13 bankruptcy, you can stop foreclosure proceedings on your home and restructure your debts into one reasonable monthly payment. A bankruptcy attorney can help you with this, including researching all outstanding debts and determining which ones are eligible for repayment or discharge under Chapter 13. We can also include delinquent payments, such as a car loan or other leases, into your plan. We focus on helping you keep your home and preserve your assets so you don’t have to liquidate them to pay off debts.
If you’re worried about foreclosure or losing your car and, therefore, being unable to work or go to school, we can work with you to develop the right plan. Then, our legal team drafts your bankruptcy petition so no errors or omissions cause a delay or denial, then presents it to the court. We can also handle communications with your debtors so you can focus on rebuilding your finances and credit without worry or stress.
Are You Eligible For Chapter 13 Bankruptcy In Texas?
Not every individual is eligible for Chapter 13 bankruptcy. It’s intended to provide space for people in debt so they can stabilize themselves financially and then begin repaying their creditors. It’s sometimes referred to as a “wage earner’s plan,” as it’s best for people with a regular income. Your debts are consolidated; you make one payment, and your creditors, including your mortgage lender, are paid out of that sum.
Am I Eligible For Texas Chapter 13 bankruptcy?
You and your bankruptcy attorney must demonstrate that:
- You make enough each month to cover the proposed monthly payment
- You have less than $1.15 million in secured debt (which includes your home mortgage)
- You have no more than $383,175 in unsecured debt (student loan debt, credit card debt, personal loans, etc.)
- You are up-to-date with all your federal tax filings
- You must complete an approved credit counseling course
Another condition of Chapter 13 bankruptcy is making each payment on time. After 5 years, the remainder of the debt may be discharged if you have not fully repaid the debt. Many people benefit from a lower total monthly payment and the potential of having the rest of the debt discharged.
Skilled Legal Advice To Help You Find Relief From Debt
If you have found yourself struggling to repay loans and your mortgage and still put food on the table, you’re not alone. Millions of Americans may owe more than they can easily repay and often find relief from filing Chapter 13 bankruptcy. Let us help you find financial peace. Contact Leinart Law Firm today to speak with an attorney about your financial situation.
