Chapter 13 Bankruptcy Lawyer Fort Worth, TX
If you’re thinking about filing for bankruptcy and you earn a steady income, you’ll want to talk to an experienced Chapter 13 bankruptcy lawyer Fort Worth, TX residents trust about your options. Chances are that if you earn a steady income, you aren’t eligible to file for Chapter 7 bankruptcy, which is only an option for low-income filers. Unless you own a small business, or make your living as a farmer or in the commercial fishing industry, your likely “best bet” to obtain debt relief through the bankruptcy process is filing under Chapter 13 of the Bankruptcy Code.
With that said, it’s generally a good idea to speak with an experienced Fort Worth, TX Chapter 13 bankruptcy lawyer before making any assumptions (for better or for worse) about your bankruptcy case. Our experienced legal team will help you to make an informed decision about your options, once we learn the details of your financial situation and debt management goals.
How Does the Chapter 13 Bankruptcy Process Work?
Chapter 13 bankruptcy is commonly referred to as “reorganization bankruptcy.” This process allows filers to restructure their debt so that their monthly debt payments become manageable, based on income and circumstance. Filers are then required to remain current with their payments, per the unique terms of their specific repayment plan, for 3 to 5 years. At the end of this repayment period, if the bankruptcy payments have been made successfully throughout the life of the repayment plan, any debt obligations that are dischargeable will be eliminated. This means that the filer will no longer be responsible for those outstanding balances and that creditors will no longer be permitted to demand payment for those accounts.
One of the first things that happens when Chapter 13 bankruptcy petitions are filed is that an automatic stay goes into effect. The automatic stay essentially “freezes” creditors’ ability to demand payments and pursue legal action against debtors under most circumstances. This automatic stay gives filers, their lawyers, and their creditors time to work through the bankruptcy process successfully, while freeing the debtor from the burdens of creditor harassment, additional penalties, etc. The stress relief that occurs when the automatic stay goes into effect is understandably significant.
Legal Assistance Is Available
You don’t have to be sure that you want to file for Chapter 13 bankruptcy to schedule an initial consultation with the experienced Texas legal team at The Allmand Law Firm, PLLC. Scheduling a consultation doesn’t obligate you to take any legal action whatsoever. This initial meeting simply ensures that prospective clients can explore their options and ask questions. After we’ve helped you explore your options, you’ll be empowered to make a truly knowledgeable choice about how you want to handle your debt moving forward. Please consider connecting with our Fort Worth, TX Chapter 13 bankruptcy lawyer team today; we look forward to speaking with you.