Chapter 13 Bankruptcy

Every day, I see hard-working people struggling with unmanageable debt. As a Waco bankruptcy lawyer and a Killeen bankruptcy lawyer, I’ve heard hundreds of stories from people who – just like you – have become overwhelmed with debt.

If you are fighting to keep your head above water, you have a couple of options. One of the most popular options for people in central Texas - Chapter 13 bankruptcy – provides relief from creditor harassment, garnishments, tax liens, and repossessions, while still allowing you to pay off your debts.

A Chapter 13 filing automatically stops foreclosure proceedings. As long as you file before the lender completes the foreclosure on your home, and are prepared to make ongoing payments, you will be able to keep your home and catch up past-due payments over time.

This type of bankruptcy filing also acts like a consolidation loan – you’ll be making one payment to a trustee, rather than dealing with creditors directly. The creditors are not permitted to contact you as long as you meet the obligations of your Chapter 13 plan.

Chapter 13 bankruptcy is often referred to as “wage earner’s bankruptcy”, because it is designed for people who have a stable income, but who cannot afford to make their current payments. Chapter 13 allows you to make reduced payments over a 3 to 5 year period. In some cases, your payments can be as low as 5 cents on the dollar!

If, after we discuss your options, you decide that Chapter 13 bankruptcy is right for you, I’ll be in your corner the whole way through. The first thing I’ll do is file a petition with the Bankruptcy Court to get the process started. I’ll also work with you to complete other required documents, such as a schedule of assets and liabilities, a list of current income and expenses, and a statement of your financial affairs.

You’ll also need to provide your last two income tax returns, your past six months’ worth of pay stubs, and attend a credit counseling workshop held by an approved credit counselor. Also, you can help us both by making sure you provide accurate contact information for your creditors – errors and omissions will cause delays, which means it will take longer for you to obtain the peace of mind that Chapter 13 bankruptcy provides.

If debt has consumed your life, give me a call – I’d be happy to help you explore your options, including Chapter 13 bankruptcy. I’d love to help you eliminate your financial stress by putting my years of experience as a Waco bankruptcy lawyer and Killeen bankruptcy lawyer to work for you!