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Law Office of Gordon Mosley
A Bankruptcy & Consumer law Firm
20 Years Experience Helping People Gain A Fresh Start

Chapter 13 can help those facing financial hard times

Any person in Tyler, Texas could sometime find themselves facing financial hard times. It is not easy to choose between paying your bills, putting food on the table or gas in the car. Eventually the debts add up to the point where paying them off simply is not possible. This can be a devastating blow, one that is made all the more stressful and frightening when debt collectors start calling or foreclosure is threatened.

Fortunately, there is one road a debtor can take that will put a halt to debt collection and foreclosure proceedings: filing for bankruptcy. However, debtors may be concerned that if they file for bankruptcy they'll have to give up their homes, their cars and their personal possessions. Fortunately, there is a certain type of bankruptcy -- Chapter 13 -- that does not involve the liquidation of assets.

In a Chapter 13 bankruptcy, a person will enter into a court-approved repayment plan in which they will pay a set amount each month to the bankruptcy trustee who will then disburse it to the debtor's creditors. The Chapter 13 bankruptcy process will last three to five years.

However, determining whether one qualifies for Chapter 13 bankruptcy is complicated. Sometimes, Chapter 13 bankruptcy is the only option for debtors who earn above the gross median income for their geographical area. This calculation is based on the debtor's average earnings from the past six months.

In the end, for some people a Chapter 13 bankruptcy filing is the best way for them to address their financial situation in a responsible way. However, no one wants to make any mistakes when filing for Chapter 13 bankruptcy. That is why it is important to have the assistance of an attorney when filing for bankruptcy. At our firm, we can explain the benefits of Chapter 13 bankruptcy compared to other types of bankruptcy filings. Not everyone is eligible for Chapter 13 bankruptcy, or their specific situation may make it so that a different type of bankruptcy filing is more appropriate. We discuss all of our clients' options with them, so our clients can make informed choices. The hard times need not last forever -- look for the silver lining and the path toward a fresh financial start through bankruptcy.

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Law Office of Gordon Mosley

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4411 Old Bullard Rd.
Tyler, TX 75703

Phone: 903-266-1843
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Suite 112
Gun Barrel City, TX 75156

Phone: 903-266-1843
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