Chapter 13 Bankruptcy Lawyer Arlington, TX

When people cannot keep up with their bills they may file for bankruptcy as a way to get a fresh financial start. By filing for bankruptcy, you immediately receive what is referred to as an automatic stay, in which creditors cannot seek collection on debts until they have been sorted out. Our Arlington, TX Chapter 13 bankruptcy lawyer can guide you through the process of filing for bankruptcy if that is the best option for you. There are other bankruptcy chapters available so it will be imperative that you file for the one most suited for your situation. We understand that financial stress can take a toll on one’s health and mindset. We are here to provide the solutions and support you need. Do not hesitate to contact Leinart Law Firm today for more information about bankruptcy.

Chapter 13 Bankruptcy

Under Chapter 13 bankruptcy, the debtor pays back some or the entirety of their debts through a 3-5 year repayment plan. In order to qualify, the debtor must have consistent income to meet these payments. Income can include wages, social security, retirement, and disability benefits. With Chapter 13 bankruptcy, a bankruptcy trustee is appointed to oversee the handling of your case, investigate your finances, address creditor claims, ensure the plan is fair, and see that you pay down your debts based on the plan given to you. At the end of the repayment term, the balance of any unsecured debts will be discharged. If you have questions about this, contact our knowledgeable Chapter 13 bankruptcy attorney for a consultation.

Facts To Consider

By filing for Chapter 13 bankruptcy, it allows a debtor who doesn’t qualify to operate under Chapter 7 to reorganize their finances by decreasing monthly payments to creditors. Once the repayment plan duration is complete, any remaining unsecured debt gets discharged. This chapter prevents debt collectors from seeking outstanding debts that are listed in the case. Another fact about Chapter 13 bankruptcy is that it stops repossession of vehicles and other property. It also halts foreclosure on your home and gives you the opportunity to catch up on missed payments. If you are concerned about your finances and are considering bankruptcy, let us meet with you to make sure that is a next step that will benefit you in the long term.

Seek Financial Relief Today

It is important to note that there are things that Chapter 13 cannot do. For instance, past-due child support, IRS debt, property taxes, and most student loans won’t be discharged. It cannot eliminate the right of creditors to secured property, like home mortgages and car loans. After bankruptcy, your home may still get foreclosed and your vehicle repossessed if you fail to make payments. Our Texas Chapter 13 bankruptcy attorney is ready to speak with you about your situation before proceeding further. It is essential that you fully understand what bankruptcy entails and what it can and cannot do for you. If you are ready to start a new financial beginning, then contact Leinart Law Firm as soon as possible.