Chapter 13 Bankruptcy: Frequently Asked Questions
We’ve provided some helpful information about Chapter 13 bankruptcy and the benefits it offers. For an in-depth look at your specific situation, please call us in Tyler, Texas, at 903-920-0008 or complete our contact form. William H. Lively, Jr. WHL, PLLC, serves clients throughout East Texas. We offer free initial consultations.
How does Chapter 13 work?
Chapter 13 bankruptcy allows you to set up a repayment plan to resolve your debts. In other words, Chapter 13 is different than Chapter 7, which requires debtors to sell their assets to pay back creditors. Chapter 13 lets you set up a repayment plan instead of having to sell your possessions. To learn more about how Chapter 13 works, please see our overview of the Chapter 13 process.
How long is the Chapter 13 repayment plan?
With Chapter 13, you can reschedule your secured debts so you can pay them off over the course of three to five years. When your debts are rescheduled over that period of time, the monthly payments are lowered and become more affordable. Our overview of the benefits of Chapter 13 provides more helpful information.
Can Chapter 13 help me keep my home and car?
One of the benefits of Chapter 13 bankruptcy is that the court puts an automatic stay on foreclosure and repossession proceedings. If you are behind on mortgage and car payments, Chapter 13 may help you keep your house and car while you make affordable monthly payments based on your rescheduled repayment plan.
Do I need a bankruptcy lawyer to file for Chapter 13 protections?
It is strongly recommended that you do not try to navigate the bankruptcy process on your own. The protections and benefits of bankruptcy can be great, but it’s important to have an experienced bankruptcy attorney represent you and guide you through the process. For more on that, please see our overview of choosing the best bankruptcy lawyer for your specific case.
Start Your Free Consultation
We are a local law firm known for getting outstanding results for our clients. Attorney Bill Lively can answer your questions and help you determine whether filing for Chapter 13 bankruptcy is the right decision for your specific situation. Please call us at 903-920-0008 or fill out our contact form to set up a free consultation. Our law office is in Tyler, and we represent clients throughout East Texas.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.