Warren & Migliaccio, L.L.P.

Dallas Family, Bankruptcy and Personal Injury Lawyers

Call For A Free Consultation (888) 550-6702
  • Our Team
    • Gary Warren
    • Christopher Migliaccio
    • Jonathan Frederick
    • Dan Varkey
    • Traci Diamond
    • Christopher R. Konneker
    • Sabah Hafiz
    • David Lane
    • Morgan Gill
    • Client Testimonials
  • Camp Lejuene Victim Support
    • How we can help
    • Top 5 Questions and Answers About the Camp Lejeune Lawsuits
    • Symptoms of Water Contamination
  • Bankruptcy
    • Debt Resolution
    • Chapter 7 Bankruptcy
    • Chapter 13 Bankruptcy
    • Benefits of Bankruptcy
      • Stop Creditor Harrassment
      • Keep Your Property
      • Stop Foreclosure
      • Eliminate Credit Card Debt
      • Repair Your Credit Score
    • Bankruptcy Myths Debunked
    • Creditor Harassment
    • Tax Debt
    • Wage Garnishment
    • Bankruptcy Video Center
    • Why Meet with Chris?
    • FREE Bankruptcy E-Book
  • Debt Lawsuit Defense
    • Being Sued by Debt Collector? What you need to Know.
    • What to do when you are being sued by Credit Card Company
    • Is it possible to be Judgment Proof?
  • Family Law
    • Divorce Timeline and Roadmap
    • Child Custody
      • Types of Child Custody Orders in Texas
      • Child Support Modifications & Enforcements
      • Child Support: The Details You Should Know
    • Contested Divorce
    • Spousal Maintenance and Support
    • FREE Divorce E-Book
    • Military Divorce
  • Estate Planning
    • Last Wills and Testaments
    • 9 Reasons You Need a Revocable Living Trust in Texas
    • Making and Funding a Living Trust in Texas
    • Is It Time to Update Your Estate Plan?
    • Dying without a Will
    • Estate Planning Packet
  • Next Steps
    • Next Step
      • Make a Payment
      • Richardson Office
      • Dallas Office
    • FAQs
    • Articles
    • Blog
    • Get Tax Transcripts or Tax Returns
    • Get Your Free Credit Report
    • How to create a Skype Account for Virtual Video Meetings

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.

 

 

Contact Us For Legal Help Today

Call (972) 684-5051 or (214) 974-3965 or click here to submit a consultation request form now.

Contact Us

Click Here To Call Now

 

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.

 

How To Get Out Of Debt, Keep The House, Car, Retirement Savings, And Finally Get A Fresh Start!

CLICK HERE TO LEARN MORE

CHAPTER 13 BANKRUPTCY

Post by Christopher Migliaccio Leave a Comment

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:

  1. 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.
  2. 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.
  3. 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).

Categories: Bankruptcy

Get Help Now!

Schedule a Free Consultation

If you need to speak with an attorney at Warren & Migliaccio, L.L.P.  submit our contact form or call either our Richardson or Dallas location to schedule a free consultation. We’re happy to meet at your convenience. Contact our firm today for legal counsel from experienced attorneys.

Bankruptcy

  • Chapter 7 Bankruptcy Attorney
  • Bankruptcy Video Center
  • Credit Restoration after Bankruptcy
  • Chapter 13 Bankruptcy Lawyer
  • Eliminate Credit Card Debt
  • Download Your Texas Bankruptcy Guide
  • Download Our Guide to Rebuilding Your Life After Bankruptcy
  • Why Meet With Chris?

Locations

Richardson/Plano Office
3600 Shire Blvd #205
Richardson, Texas 75082
(972) 684-5051

Dallas Office
10440 N Central Expy #800
Dallas Texas 75231
(214) 974-3965

Follow Us

facebook logo twitter logo youtube logo


More Resources
Blog
Articles
PaymentPortal

Pick a Topic and Empower Yourself

  • Bankruptcy
  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Child Custody
  • Child Support
  • Personal Injury
  • Divorce
  • Divorce & Your Children
  • Family Law
  • Stop Foreclosure
  • Spousal Support
  • Auto Accidents
HomeDisclaimerPrivacy PolicyTerms of UseContact UsSite Map
© 2023 Warren & Migliaccio, L.L.P. All Rights Reserved