Chapter 13 Bankruptcy

Texas Chapter 13 Bankruptcy Lawyer

You recognize that the need to file for bankruptcy is eminent. However, you do not want to risk repossession, losing your house, real estate, or other significant assets. The Law Office of Gordon Mosley can assist you in filing for a chapter 13 bankruptcy which can protect these hard earned assets. We offer more than 12 years of bankruptcy knowledge and experience as well as our personal attention to each client. Contact our Tyler new bankruptcy rules attorneys for bankruptcy assistance and a free initial consultation.

Why File For Chapter 13 Bankruptcy

Chapter 13 bankruptcy is income driven. Most people that choose to file for bankruptcy under chapter 13 either risk losing something under a chapter 7 debt liquidation, or are not eligible for chapter 7 based on their income. Rather than liquidating your assets and discharging eligible debt, chapter 13 requires that debtors reorganize a percentage of the debt into a 3-5 year repayment plan based on a payment formula. If the plan is followed, the remaining debt would be discharged at the end of the repayment period.

The New Bankruptcy Law

According to the new bankruptcy law, if an individual makes above the gross medium income for that geographic location, the individual must file for bankruptcy under chapter 13. Essentially, the Bankruptcy Court will review your average income over the previous 6 months. If your income, based on your household size and geographic location, is above the median, then you will be required to have a repayment plan. If your income is below the median, it is likely that you will qualify for chapter 7.

Contact our Tyler Bankruptcy Lawyers

Our Texas bankruptcy attorneys advise clients of the benefits and set backs within filing for chapter 13. Through our experiences, we have learned what traps to be prepared for. If you need to file for bankruptcy, you need an experienced bankruptcy attorney. Contact our Texas Chapter 13 bankruptcy lawyers for a free initial consultation.

Law Office of Gordon Mosley
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