Chapter 13 Bankruptcy
You may realize that filing for bankruptcy protection is the only way out from under your crushing debt. However, you may be concerned about having your vehicles getting repossessed, losing your house or forfeiting other significant assets. The good news is that a Chapter 13 bankruptcy filing can help you protect your property.
At the Law Office of Gordon Mosley, you will find a Texas lawyer who has been helping people reorganize their debt for more than 20 years. I provide personalized attention and can help you determine the right path to take on the road to a brighter financial future. Call 903-266-1843 to schedule a free initial consultation to discuss your situation.
Determining The Bankruptcy Filing That Is Right For You
Under recent bankruptcy law changes, if an individual earns more than the gross medium income for a geographic location, he or she must file for Chapter 13 protection. In order to reach a determination, the court will review your average income from the previous six months. If your income ends up being below the median income for your area, then it may make more sense to file for Chapter 7 bankruptcy. I will thoroughly review your situation to determine which option is the best choice for you.
Why File For Chapter 13 Bankruptcy?
A Chapter 13 filing makes sense for those who are bringing in at least some income. A Chapter 7 filing liquidates, or discharges, most debts. This means that a person who files for Chapter 7 protection is likely to lose most of the assets that he or she does not own outright.
A Chapter 13 filing, on the other hand, reorganizes a percentage of your debts into an affordable repayment plan that lasts from three to five years. If you are able to keep up with the terms of this repayment plan, you can likely hold onto a fair amount of your property, including your home. I can explain in more detail how Chapter 13 operates and whether this form of protection would be right for your situation.
Contact Me, A Tyler Lawyer For Bankruptcy Assistance
I can advise you regarding the benefits and pitfalls of filing for Chapter 13 bankruptcy protection. Let me put my experience as an attorney to work for you. Contact me online or call 903-266-1843 to schedule a free initial consultation.
My law office is a debt relief agency and helps people file for bankruptcy relief under the Bankruptcy Code.