Chapter 13

Chapter 13 is designed for individuals with regular income who would like to pay all or part of their debts in installments over a period of time. You are eligible for chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code. Chapter 13 is a court protected repayment plan where individuals are allowed to modify loan agreements and even eliminate significant portions of their unsecured debt. Many people mistakenly believe that Chapter 13 requires that all creditors be paid in full with interest. Our clients are relieved to learn that Chapter 13 allows for the repayment of only the percentage of credit cards and other unsecured debt that an individual or family can reasonably afford. Additionally, Chapter 13 bankruptcy allows for the modification of personal property loans, such as cars. As a result, an individual can actually end up paying less per month in Chapter 13 than in Chapter 7 because of the ability to modify certain secured loans in Chapter 13. For instance, the interest rate on vehicles can often be lowered and the amount paid back through the payment plan is based on the current Blue Book value of the car or the amount owed on the loan, whichever is lower. If you owe more than your car is worth (“upside-down”), Chapter 13 can be helpful.

You should discuss your situation with an experienced bankruptcy attorney to understand your options and whether you can benefit from a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. A Chapter 13 bankruptcy is sometimes the bankruptcy of choice, even when a Chapter 7 bankruptcy is available. For example, if you need to time to catch up on mortgage payments and your bank is unwilling to work with you, a Chapter 13 bankruptcy may force the bank into giving you the opportunity to catch up. You will likely have three to five years to make up your mortgage arrearage. You may also be able to avoid some of your unsecured debt (or interest and penalties), freeing up money to assist you with catching up on your mortgage payments. An experienced Chapter 13 bankruptcy lawyer can help you understand your options and how the bankruptcy laws apply to you.

At the Law Office of Andrew Oostdyk, PLLC, we will take the time to explain your options to you, including bankruptcy. We will analyze your situation and explain the benefits and limitations of the bankruptcy laws. Your decisions will impact your future and the future of your family. You owe it to yourself and them to ensure you have all the facts so you can make an informed decision. We can help.

Call us today at 214-693-2667 schedule your Free Initial Consultation.

To determine whether you qualify for a Chapter 7 bankruptcy and whether Chapter 7 bankruptcy can remedy your situation, you should consult with an experienced Texas bankruptcy attorney. Some situations may be time-sensitive, so don’t delay — get the facts today.

We Provide Compassionate, Courteous Service

We understand things happen. We never judge our clients, and we are always courteous and respectful. You can be assured that we will do everything we can to help you relieve the anxiety and stress you are under. We will take the time to listen to your situation and explain your options, which may or may not include bankruptcy. If bankruptcy is a viable option, we will inform you about and guide you through the process.

You Will Receive Prompt Communication and Personal Attention

We have earned our reputation for providing every client with close, personal attention. Nothing is more frustrating than being unable to have questions answered or problems addressed by your attorney’s office in a timely fashion. We will return your phone calls as quickly as possible and make it a priority to address your concerns in a timely manner. Unlike many bankruptcy law firms, you will meet with an attorney on your very first visit. We are committed to helping you.

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