Chapter 13 Bankruptcy Attorney

Keep Your Assets. Regain Control.
Get a fresh start.
Talk With Mike

Chapter 13 Bankruptcy Attorney

Keep Your Assets. Regain Control.
Get a fresh start.
Get Help NowLearn More

Chapter 13 Bankruptcy

Chapter 13 bankruptcy allows people in debt to set up a repayment plan to pay off all or part of their debt over the course of around 3-5 years from their future income. It is usually most helpful for people who have a guaranteed way to pay for future installments with their income, but who have gotten behind on arrears. It is also helpful for people who want to file for bankruptcy, but do not qualify for a Chapter 7 bankruptcy due to their income level, as well as people who want to protect assets or equity that would not be exempt under a Chapter 7 Bankruptcy.

More Information:

If Chapter 13 is the right move for you, Attorney Mike can help guide you through the process, and get you on the right track toward a debt-free life.

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


Gather Documents


Get Case Confirmed


Complete Counseling


Receive Discharge


Prepare Petition.


Live Free


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 Bankruptcy Lawyer, Texas
Chapter 13 Bankruptcy Lawyer, Texas

Stop Foreclosure!

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.

Chapter 13 Bankruptcy Lawyer, Texas
Chapter 13 Bankruptcy Lawyer, Texas

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?
You have to be in Chapter 13 for at least 36 months, but if you median income goes above the national average for a family your size, then you will have to make payments for a total of 60 months.
Can my car or house be saved in a Chapter 13 if I am behind on payments?
Yes. In fact, the main people who benefit from a Chapter 13 are those persons who are trying to save an automobile or house.  There are even instances where a car creditor can be paid the value of the collateral instead of the amount owed or a manufactured home that is considered personal property can get the same treatment.
If I owe the Internal Revenue Service for income taxes that have not been paid, will Chapter 13 help me?
Chapter 13 is an ideal way of paying income taxes that are owed to the IRS.  If the taxes are old enough and the tax returns were filed, it might even be possible to treat those taxes as a general unsecured claim.
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?
Debtors in Chapter 13 are referred to as Debtors in possession, in other words, they do not surrender the property to the Chapter 13 Trustee.  If you have non-exempt property in Chapter 13, then it is necessary that you provide for a payment to your unsecured creditors an amount of money that is the equivalent to the value of that property.
May I sell my house while I am in a Chapter 13?

Yes, you may sell your home while you are in a Chapter 13 bankruptcy without court approval.

It is not part of the bankruptcy estate.

What is my responsibility with my mortgage?

Your responsibility, once the Chapter 13 is filed, is to make your mortgage payment on time with the first payment that comes due AFTER your case is filed. The trustee will monitor each month to ensure that the payments are made timely.

How do I make my payment to the trustee?

There are several ways that a payment may be made to the trustee:

-If you are employed, we suggest that you have your payment withheld from your
paycheck. A partial payment will be deducted from each check. There is no fee
associated with this method of payment.

-The trustee also uses a service called TFS Billpay in which your monthly payment can
be deducted directly from your bank account. (This service takes about a week for the payment to post to the Chapter 13 account, therefore the payment must be scheduled to be deducted a week before the payment is due.) There is a small fee each month with this

-Money Gram is also available for payments. There is a fee to make a payment by Money

What if I lose my job while I am in a Chapter 13?

A Chapter 13 reorganization is intended for people who have regular, consistent income. The payments must be made to the trustee each month regardless of employment status. There will be
no defense with the judge for not making plan payments. If you lose your job during a Chapter 13, it is imperative that you notify your lawyer.

What is the difference between Chapter 7 bankruptcy and Chapter 13?

The essential difference between a Chapter 7 case and a Chapter 13 case is that in Chapter 7 the debtor’s non-exempt property (if applicable) is liquidated to pay the debtor’s debts, while in Chapter 13 a portion of the debtor’s future income is used to pay as much of that debt as is feasible under the debtor’s unique circumstances.

So in a Chapter 7 case, the debtor loses most of his/her non-exempt assets and receives a Chapter 7 discharge.

In a Chapter 13 case, the debtor usually gets to keep his/her non-exempt property but must pay back as much as their trustee deems feasible for the debtor to pay over the course of 3-5 years.

Chapter 7 cases take less time and are usually less expensive than a Chapter 13 case, but Chapter 13 cases allow a debtor who is above the median income or who has a large number of nonexempt assets to keep their assets and receive the protection of bankruptcy.

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.

Should I file Bankruptcy?
Pros & Cons

Not sure if chapter 13 is right for you? Learn more about chapter 7 bankruptcy.

Or simply schedule a time to talk with Mike.

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