Chapter 13 Bankruptcy Lawyer

We focus on US bankruptcy code and how Chapter 13 bankruptcy will impact you.

According to US bankruptcy code, chapter 13 bankruptcy works as a repayment plan based on your budget. When financial situations beyond your control have caused you to consider bankruptcy, don’t buy into all the alarming Chapter 13 bankruptcy stories you may have heard. Consulting with an attorney best suited to your case is the first step in understanding whether this financial option is best for you.

Benefits of Chapter 13 Bankruptcy

During your consultation, we’ll review your situation and whether it’s ideal for Chapter 13 bankruptcy. If you have a steady income and are behind on car and/or mortgage payments, this form of bankruptcy may be best.

Other benefits to Chapter 13 bankruptcy under US bankruptcy code may include:

it stops home foreclosure
it allows you to keep your home (even if you’re behind on the mortgage and gives you 3 to 5 years to catch up on your mortgage default)
it stops repossessions
it allows you to keep your car (even if you’re behind on payments and in some cases, pay the market value rather than actual amount you owe)
it allows you to pay your non-dischargeable tax debts (with no further interest or penalties)
it consolidates your debts into one manageable and affordable payment (with no direct contact with creditors while under Chapter 13 protection)
it allows you to keep your valuable non-exempt property
it allows interest rates on certain loans to be reduced and payment term on most debts to be extended during the 3- to 5-year bankruptcy plan.

Understanding Chapter 13 Bankruptcy

Gone are the Chapter 13 bankruptcy stories that tell of debtors selling their homes and possessions to discharge their debts. After consulting with law firms in Dallas and selecting our attorneys to assist you, you’ll quickly learn there are other options.

The attorneys at our Richardson office can help you file a petition for bankruptcy and propose a payment plan. The purpose of the 3- to 5-year payment plan is to use any money remaining after reasonable, court-approved expenses are deducted to pay for your debts. Once you’ve fulfilled the payment plan, you don’t have to pay any remaining dischargeable debt.

Not all Law Firms in Dallas Understand US Bankruptcy Code — We Do

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 (888) 584-9614 today. We’re here to help.

If you are financing your car, you have different options on what you may do with your car in Chapter 7 and Chapter 13 bankruptcy.

In Chapter 7, you have three options:

Reaffirm the debt. This means you sign a new contract under the same terms of the old contract. Bankruptcy often removes your personal liability on the car loan. Reaffirmation makes you liable for the car loan again, but it also allows you to keep the car.
Redeem the debt. This means you make on lump sum payment to the creditor equal to the car’s current fair market value. There are credit agencies available that specifically provide loans for these types of lump sum payments.
Surrender the Car. This is a good idea when you can’t afford the monthly payment or the car is worth much less than what you owe.

There is sometimes a fourth option available where you continue to make payments on the car, but you do not redeem or reaffirm the debt. This is called retain and pay. This option is not always agreed to by the creditor. But even if the car is repossessed, you will not be responsible for any deficiency under this fourth option.

Under Chapter 13, you may elect to surrender the car. If you elect to keep the car, you must repay the entire car loan if they bought a car within 910 days (two and half years) of the bankruptcy filing. If your car was purchased more than 910 days before filing bankruptcy, you may have the opportunity to “strip down” the debt. This is a mechanism that allows you to pay the blue book value rather than the outstanding balance on the car loan(assuming it is lower).

Angela MyLife

15:02 07 Jun 17

We worked with Chris and other staff. Chris from the start really worked with us as we were unsure what to do next and what was the best option for us. Chris spent a great deal of time with me on the phone, over email as well as meeting with my husband and I in his office. It can be scary to have the unknowns as we did and he really helped. When dealing with things you just don't know about you have to find someone you can trust to lean on and let them handle it; you can't be an expert on everything. The staff were so helpful and there was never a question on what we needed to get them or needed to do during the process. We were prepared 100% for what was to come and even months after the staff was quick to follow up to make sure that we did not have any questions or have anyone contacting us. They even helped figure out the 'what next' and 'where to go from here' that comes up. I would recommend them to anyone finding themselves facing financial struggle and trying to decide what to do. They give a free consultation over the phone or in the office; worth the call to find out your options.

Emma Radcliff

21:41 02 Jul 16

I recommend Warren and Migliaccio to anyone who like myself, had no idea of what to do next. They were open and honest to me about my bankruptcy. They took time and explained the whole process to me beforehand. I was treated I'm sure, as their more prominent clients even though I'm a single senior with a limited income. They helped me maintain my dignity and I'm sure my sanity too.

Richard Parker

23:23 27 Jun 16

I worked with Chris Migliaccio to resolve a debt matter. He is a professional and knowledgeable attorney that was easy to work with. He has excellent negotiation skills. I highly recommend him.

Jodi Wiethorn

14:54 15 Oct 15

I would strongly recommend anyone needing a family law attorney use this office. The staff is so friendly, helpful, and knowledgeable. Gary Warren and Ryan Bauerle were the ones that helped me with a very rough child custody case and they were absolutely amazing. They are very nice guys but they will fight for you!!! I am truly happy that I used them for the case, I could not have asked for a better attorney! Ryan helped me and my husband so much and explained everything so well to us! I can't thank them enough for all they did for me and my family! So anyone please take my advice, if you need a family law attorney give Ryan a call!!!

Sandy Thomas

01:17 03 Feb 15

Everyone in this attorney's office was wonderful! We had one matter that we needed assistance with last year, but they were not able to assist us with it, however Christopher Migliaccio was kind enough to provide us with a list of attorneys who would be able to help. Over the last couple of weeks, we decided to update our wills and powers of attorney and it could not have been any easier to do. They made it so we only had to make one trip to their office to take care of everything. If we need anything else, I would be most happy to do business with them again!

We focus on US bankruptcy code and how Chapter 13 bankruptcy will impact you.

Benefits of Chapter 13 Bankruptcy

Understanding Chapter 13 Bankruptcy

Not all Law Firms in Dallas Understand US Bankruptcy Code — We Do

CHAPTER 13 BANKRUPTCY

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