Chapter 13 Bankruptcy Lawyer Arlington TX
If you’re in need of a Chapter 13 bankruptcy lawyer Arlington TX trusts, contact Brandy Austin Law Firm, PLLC. In a Chapter 13 bankruptcy, a debtor proposes a repayment plan to creditors. The repayment plan is typically between 36 and 60 months, depending on the debtor’s income and the amount of debt. The payment is made monthly to the Chapter 13 Trustee, and can be automatically deducted from your paycheck or bank account. You can file Chapter 13 bankruptcy to prevent many of the following: a home foreclosure, missed mortgage or car payments, back taxes, stop interest from accruing on a tax debt, keep valuable property classified as non-exempt, and more. All your remaining dischargeable debt will be discharged at the end of the plan if you follow the terms of your repayment agreement. A Chapter 13 bankruptcy lawyer Arlington TX trusts can walk you through the requirements.
How Much Will My Monthly Payment Be?
The amount to be repaid depends and is determined by several factors established in the bankruptcy code, including your disposable income. As a guide, consider that the total amount paid to creditors under a Chapter 13 plan must provide certain creditors at least as much as they would receive if you filed a Texas Chapter 7 bankruptcy. To file Chapter 13 bankruptcy you must have a recurring and regular source of income and your payment plan must be enough to pay for at least the amount you are behind on your home or vehicle.
As a Chapter 13 bankruptcy lawyer Arlington TX respects, we may be able to lower your payments on things like your vehicle by paying for them in the Chapter 13 plan. In the Chapter 13 plan, you have the ability lower your payment on the vehicle by only paying the value of the vehicle, and by possibly lowering the interest rate. In some Courts, the judge might require you to make your home mortgage payments through the plan if you are currently behind on your payments. This means that you will have fewer payments to keep up with, and you will be able to keep current on your home going forward.
As a seasoned Chapter 13 bankruptcy lawyer Arlington TX believes in will tell you, the most important thing about a Chapter 13 case is that if you can make the payments, which the bankruptcy law requires to be made to your creditors, you can keep valuable property, like your home and car, which might otherwise be lost.
Will Chapter 13 Bankruptcy Help Me?
If you are facing a financial crisis that was caused by a temporary loss of income, health problems, or any of the other many reasons why someone might fall behind on their payments, you do have options. If you are facing foreclosure or repossession, please contact us so that we can help you get through these financial troubles.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Call a Chapter 13 bankruptcy lawyer Arlington TX counts on at 800-958-4948 to arrange a free consultation.