Chapter 13 Bankruptcy Lawyer Arlington TX
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 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 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. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. If you are facing foreclosure or repossession, please contact us so that we can help you get through these financial troubles.
Is Bankruptcy The Right Choice?
If you are enduring very severe and complicated financial hardships, you may be wondering if filing for bankruptcy is the right choice for you. An Chapter 13 bankruptcy lawyer from Brandy Austin Law Firm, PLLC can go over your financial status with you to help you determine whether this could be a great resource for you. Many people view bankruptcy as a way to eliminate all of their debt. However, filing for bankruptcy does not actually guarantee that all of your debts will be discharged. This is an important key element that a person should know about before filing.
In the article to follow, we have gone into further detail about aspects of bankruptcy to consider before submitting that final paperwork.
What it Means for a Debt To Be Discharged
When a debt is discharged, it means your responsibility to repay the debt is cancelled. Additionally, the creditor is not able to contact you regarding payments. They are not permitted to reach out to you through any means, whether it be a phone call, email or letter in the mail. One drawback to think about is that your cosigner could still be affected. You might not have to make payments for this debt, but your cosigner may still have to. Consider letting your cosigner know if you decide to file.
Preventing Repossessions & Foreclosures
Those who file for Chapter 7 or Chapter 13 bankruptcy must take certain actions in order to help prevent a repossession or foreclosure from happening. For Chapter 7, the person must declare whether they plan to return the property, sign into a Reaffirmation Agreement with the creditor, or buy the property from the creditor. If no action is taken, the creditor may be able to take the property away.
When it comes to Chapter 13, in most cases a person will be able to maintain their property even if they had given it as loan collateral. You may be able to modify your loan responsibilities through reducing interest rates, and lengthening the time between payment dates. If you submit amounts as listed in your payment plan, your lenders cannot repossess or foreclose your property.
Long-Term Effects of Bankruptcy
If you file for bankruptcy in Arlington, TX, it will appear on your credit report. A bankruptcy can stay of your report for ten years under Chapter 7, and for seven years under Chapter 13. While having a bankruptcy on your report does not mean you will never get approved for credit or a loan again, but it is a main factor when companies make decisions about denials. It can be more challenging to get a loan at a reasonable interest rate.
Contact Brandy Austin Law Firm, PLLC
Many people choose to consult with a Chapter 13 bankruptcy lawyer Arlington TX families trust from Brandy Austin Law Firm, PLLC before submitting their application for bankruptcy. It can be beneficial to get an opinion from a legal professional about whether this option is in your best interest. There are many factors to consider when making your final decision. We can offer strategy, compassion and knowledge when planning for your financial future.