AUSTIN / SAN ANTONIO BANKRUPTCY FIRM
Filing for Chapter 13 Bankruptcy in Texas
Chapter 13 bankruptcy (also known as "the wage earner's plan") allows you to create a 3 to 5 year repayment plan based on future earnings to pay off all or part of your debts to creditors. Chapter 13 bankruptcy is an option feasible and appealing to people who want to keep certain non-exempt assets or secured assets, such as a home or car, but need an extended period to repay arrearages. It is also available to those who do not qualify for Chapter 7 bankruptcy but are wage earners with disposable income.
At the Law Offices of Susan G. Taylor, we offer experienced counsel and advocacy to protect our clients' rights and interests as they pursue bankruptcy options. We will take the time to review your assets, debts and income and help you determine if Chapter 13 bankruptcy is right for you.
Chapter 13 allows you to:
Prevent home foreclosure
Make up missed payments for a car or mortgage
Stop repossession and creditor harassment
Pay back taxes
Stop interest from accruing on taxes
Keep valuable non-exempt property, such as jewelry or a boat
Debt Reorganization Under Chapter 13 Bankruptcy
If you abide by the terms of your repayment agreement, all your remaining dischargeable debt will be released at the end of the plan, which is typically 3-5 years. The amount you have to repay monthly is determined by several factors, including your disposable income. By the plan's end, the total amount you will pay to creditors under the Chapter 13 bankruptcy plan must be at least as much as creditors would have received if you had filed a Chapter 7 bankruptcy. To file Chapter 13 bankruptcy you must have a regular source of income and have some disposable income to apply toward your Chapter 13 payment plan.
Protect Your Assets and Stop Foreclosure Under Chapter 13 Bankruptcy
In addition to reorganizing, restructuring your debt, Chapter 13 bankruptcy may provide you significant debt relief. Say your income is over median, or under median but you have disposable income in your budget. You only have to pay into the Chapter 13 bankruptcy plan the amount of that disposable income. Upon successful completion of your case, all dischargeable debts are discharged, regardless of the amount you have paid into the plan. In a Chapter 13 bankruptcy you can stop penalties, stop interest, cram down the cost of vehicles and other collateral securing debts, take time to repay arrearages on secured debt such as mortgages, and perhaps obtain other debt relief. Each year the Chapter 13 will review your income tax return and repayment plan. A successful Chapter 13 can achieve dramatic debt reduction.
Free initial consultations. After hours and weekend appointments available. Located conveniently in the historic district, west of the Capitol, and near the San Antonio Airport, on Loop 410. Ample, free parking.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.