When you’re considering filing bankruptcy, you may not be aware of the options that you have. A Chapter 13 bankruptcy doesn’t discharge all of your debts, but it does put you on the path towards a new and bright financial future, free of credit problems. The path might not be easy, but the assistance of a Texas bankruptcy attorney can smooth the process for you and your family.
Many people mistakenly believe that anyone who doesn’t qualify for Chapter 7 will automatically qualify for Chapter 13 – this is not the case. In addition to being able to afford to make your debt repayments, your total secured debts cannot be more than $1,081,400 and your unsecured debts cannot surpass $360,475. Secured debts are those that give creditors the authority to take your property (like your car or your house) if you don’t make your payments.
The benefit of a Chapter 13 bankruptcy is that you get to keep your property as opposed to having it auctioned off to repay your debts. Your co-debtors will also be spared the harassment of creditors, provided you continue to meet your monthly payments. The term of your repayment plan, usually a 3-5 years, depends on how much you earn and how much debt you have.
Contacting a Bankruptcy Attorney When You Need Help
At Warren & Migliaccio, our goal is to protect you and your family so that you can take the necessary steps to proactively plan for your future. When financial circumstances outside of your control threaten your wellbeing, take control of your situation by contacting our Dallas law firm. We’ll guide you through the legal process so you can make informed decisions and choose the best course of action. If a personalized, teamwork-driven approach sounds like what you need for your case, call 1-888-584-9614 today. We’re here to help.