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What Are The Benefits Of Chapter 13 Bankruptcy?

A Chapter 13 bankruptcy offers those struggling with debt in Texas an effective way to regain financial stability while keeping their property. Unlike Chapter 7, which focuses on liquidation, Chapter 13 allows debt repayment through an affordable plan based on your income.

At William H. Lively, Jr. WHL, PLLC, we have amassed years of experience helping Texans in Tyler overcome their financial difficulties. We can explain how bankruptcy works and guide you through every step of the process.

You Can Keep Your Property While Managing Debt

One of the biggest advantages of Chapter 13 bankruptcy is retaining your assets. You can avoid selling your home, vehicles and many other significant assets. Chapter 13 also protects you from foreclosure, allowing you to catch up on mortgage arrears. We can help you draft an affordable plan that addresses your debts without selling off your possessions.

You Can Stop Creditor Harassment

Addressing debt is challenging, and creditor harassment does not help. Filing for Chapter 13 bankruptcy activates an automatic stay, providing immediate protection from creditors. This means no more collection calls or threats of wage garnishment. Our experienced bankruptcy lawyers can help you secure the time and space needed to get your finances back on track.

You Can Obtain Consolidated Payments

Chapter 13 simplifies financial obligations by consolidating them into one manageable monthly payment. The amount is based on your income and affordability. Sometimes, a portion of your unsecured debt may be discharged after completing the plan. The interest rates on secured debts, like car loans, may also have reduced interest rates.

Chapter 13 allows you to tackle your debts strategically and rebuild your credit over time.

Call Us Today To Learn More

You worked hard for your assets, and you do not have to lose them. We will help you take control of your finances and rebuild for the future. At William H. Lively, Jr. WHL, PLLC, we take pride in helping our clients through challenging times. We always strive to get the best possible results. Take the first step and call us in Tyler at 903-920-0008 or contact us online today.