"We were both made to feel as if we had a friend working for us."
- Steven C. and Shirley C. - Burleson, Texas
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Chapter 13 Bankruptcy
THE
LEAST YOU NEED TO KNOW ABOUT CHAPTER 13:
- Typical Case Lasts 3-5 Years
- Repayment Plan IS Required
MORE DETAILS ABOUT CHAPTER 13:
A Chapter 13 bankruptcy filing reorganizes your debts. As
part of your bankruptcy filing you submit a plan that describes how much
each of your creditors will receive under the plan.
This plan
lasts 3 to 5 years. Filing for this chapter of bankruptcy is
sometimes referred to as filing a "wage earner" bankruptcy because you
must have a regular income to qualify.
A Chapter 13 bankruptcy is sometimes the only option if you
do not "qualify" under Chapter 7. Chapter 13 bankruptcy filings
have some advantages that Chapter 7 bankruptcies do not, but also have
many disadvantages (such as lasting 3 to 5 years). Chapter 13 can
be more advantageous in other states which operate under different
bankruptcy rules. In the Dallas - Fort Worth area, however, many
people are able to file under Chapter 7 and achieve better results
because of our more reasonable Texas rules. Whether Chapter 7 or
Chapter 13 is right for you will depend on the details of your specific
financial situation. You lawyer will help you make this important
decision and answer any other questions you may have.
