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Chapter 13 Archives

What can be discharged via Chapter 13 bankruptcy?

Sudden life changes can throw an individual into unexpected financial challenges. The sudden loss of a job, the onset of a medical condition, and even divorce can leave one facing massive debt and income shortfalls. During these times, individuals may turn to credit cards to get by, which can exacerbate the issue. When the debt becomes so overwhelming that an individual is unable to make his or her payments, it may be time to consider debt relief options, including bankruptcy.

Why would one want to file for Chapter 13 bankruptcy?

If you are facing overwhelming debt, then you're likely looking for debt relief. There may be many options available to Texans, including Chapter 7 and Chapter 13 bankruptcy, but figuring out which is the right fit can prove confusing. Depending on your circumstances, Chapter 13 bankruptcy may be in your best interests, particularly if you're interested in keeping your assets. This post will examine the advantages of filing for Chapter 13 bankruptcy.

Texas firm advocating for those seeking Chapter 13 bankruptcy

Debt makes up a significant part of our economy. Individuals in Texas may struggle when they suddenly lose their job, or they may incur substantial medical expenses with the onset of an unexpected medical condition. Regardless of the reason for such financial hardship, those who are subjected to it can find themselves overwhelmed, stressed on a daily basis and fearful for their future. Although these emotions are understandable, those facing seemingly insurmountable debt may be able to obtain debt relief.

What are the different types of creditor claims in a Chapter 13?

For Texans, making the decision that the financial challenges they are facing have become too difficult to overcome and filing for Chapter 13 bankruptcy is not taken lightly. However, it is a comforting truth that Chapter 13 is a strategy to get out from under onerous financial issues and move forward. Chapter 13 is for those who earn wages and will repay the debt within three to five years. There are certain terms that must be understood with this filing. That includes the three types of creditor claims on debt. They are priority, secured and unsecured.

What happens after the bankruptcy process is final?

When you reach a point where your debt is unmanageable and you are unsure of where to turn, you may consider the benefits of bankruptcy. Though often perceived negatively, bankruptcy actually offers consumers drowning in debt a way to effectively confront that debt and secure a stronger financial future.

Can Chapter 13 be modified after it has been confirmed?

When a Texan decides that filing for Chapter 13 is the best possible option to secure debt relief and have manageable payments, it does not necessarily mean that the agreement is set in stone and cannot be changed. While Chapter 13 is a strategy that will give the debtor a certain amount of time to pay back what is owed under a repayment plan, it can be modified. There could be many reasons why a debtor would like to have the plan altered and it is important to know when and why this might be done.

What happens at the Chapter 13 meeting of creditors?

There are many different parts of a Chapter 13 bankruptcy filing that Texans need to be aware of prior to moving on with the process. One that might give many people a significant amount of consternation is the meeting of creditors. This might be viewed as a confrontational situation, and those filing for Chapter 13 might think of it as a stress-filled struggle like a courtroom drama. The reality is that it is not like that.

Can Chapter 13 bankruptcy be converted to Chapter 7?

When a person in Texas is facing financial challenges and makes the decision to file for bankruptcy, the individual might not be fully knowledgeable about how the process works. One aspect that is often confusing is when a Chapter 13 can be converted to a Chapter 7. The petitioner can decide to do this or it can be done by the U.S. trustee. The law for bankruptcy covers this and it can be beneficial for a debtor to understand when and how this can be done as steps might be taken to prevent it or it might be preferable to make the change.

Understanding unsecured debts during Chapter 13

Debtors in Texas who are dealing with financial issues and are thinking about whether or not bankruptcy is the right option for them need to know about the different types of bankruptcies and what they require. For a person who is working or owns a business and would like to reduce debt but still pay back the majority of what they owe under different terms, filing for Chapter 13 might be their preferred choice.

Can a Chapter 13 plan be modified after confirmation?

People in Texas who file for Chapter 13 bankruptcy might not be aware that the Chapter 13 plan can be modified after confirmation of the plan, but before completion of the payments. This can be requested by the debtor, the trustee or the holder of an unsecured claim.

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