What Exactly is Chapter 13 Bankruptcy? Do I really need it?
Chapter 13 Basics
A Chapter 13 is also commonly referred to as a reorganization bankruptcy. The secured and unsecured debts are restructured over a 36 to 60-month period. Generally, we would file a Chapter 13 if you were behind on a secured debt such as a mortgage, vehicle or IRS.
Who Can File?
Chapter 13 isn’t for everyone. To file Chapter 13, you must:
- be an individual (no corporations or partnerships);
- have a regular income greater than your reasonable living expenses; and
- have liquidated, unsecured debts not exceeding $383,175 and secured debts not exceeding $1,149,525.
Not you? Chapter 7 may be right for you.
8 Steps To Freedom
Consult With Us
Attend Creditor's Meeting
Get Case Confirmed
I Am With You Every Step Of The Way.
Filing for bankruptcy can seem overwhelming – even discouraging. But it doesn’t have to be. My wife and I will work to make the process as easy as possible for you and for your family. We want to see you back on your feet and living your life. And we’ve helped scores of East Texans get through what they insisted (in the beginning) could never be overcome.
We’re serious when we tell our clients that there really is life after bankruptcy.
So, give us a call. We’re ready to help.
Not yet. I’d like to know more about Mike.
Chapter 13 allows you to catch up on payments that you have missed related to your primary residence. If you have received a foreclosure notice, it is important that you do not delay. Call us today to discuss your options.
Get Help With Car Payments.
If your car has recently been repossessed, it may not be too late.
Call us today to discuss your options.
Let Chapter 13 help with the IRS.
It can be scary knowing you owe the federal government and can’t pay. Some taxes can be discharged as unsecured debts, much like a credit card or medical bill. If you have delayed in filing all your necessary taxes, call us today to discuss your options.
There Is A Chance You May Not Even Need To File.
In the event that there is a better option for you than bankruptcy, I will help you get on the right path.
Frequently Asked Questions
How long do I have to make payments in a Chapter 13 bankruptcy?
Can my car or house be saved in a Chapter 13 if I am behind on payments?
If I owe the Internal Revenue Service for income taxes that have not been paid, will Chapter 13 help me?
If I am due an income tax refund while I am in Chapter 13, what happens to my refund?
The rule for income tax refunds for Chapter 13 Debtors filing in the Eastern District of Texas is that they can keep up to $2,000.00 of any refund. If the refund exceeds $2,000.00, any amount above that must be surrendered to the Trustee to be paid to unsecured creditors.
If I own property that cannot be protected in a Chapter 7 (i.e. non-exempt property), what happens with that property in a Chapter 13?
Mr. Wallace is one of the most respectable attorneys I have ever dealt with. He is knowledgeable and extremely helpful to his clients. Mr. Wallace shows great compassion and went above and beyond to make me feel comfortable. He shows great integrity and I would happily recommend him to any friend or family member.
Mike has handled quite a few legal matters for me over the years. I have always had full confidence in him. He was accessible with I had a question or concern.