Chapter 13 is a reorganization of debts for individuals. When you file Chapter 13 bankruptcy in Amarillo your debts are consolidated and reduced to one monthly payment that you can afford based on your monthly disposable income; letting you catch up on any delinquent payments on homes and vehicles, while keeping your property. Best of all a Chapter 13 bankruptcy will stop foreclosure on your home and allow you to catch up the back payments over 3 to 5 years. Your unsecured debts are paid based on what you can afford after paying everything else, which for most people around Amarillo is about zero. The remaining amount is then discharged wiped out forever! You may also be able to pay only what your secured property is really worth and not what you actually owe on it. Chapter 13 is not available to partnerships or corporations. But a person who has a small unincorporated business may file Chapter 13 bankruptcy. Before you file for Chapter 13 bankruptcy, it’s important to discuss your particular financial situation with an experienced Amarillo bankruptcy attorney to make sure it’s the best legal option for your needs.
Advantages of Chapter 13 bankruptcy
Stops foreclosure and repossession immediately and allows you to get caught up on your mortgage over a period of 3-5 years.
Halts all creditors, even the IRS, from contacting you or taking any direct action towards you to collect a debt.
Creditors begin dealing with your Amarillo bankruptcy attorney instead of you.
Usually discharges most unsecured debts such as credit cards and medical bills.
Can discharge many IRS taxes without you paying a dime or at least will allow you to pay back taxes with no penalties or interest. See the Bankruptcy and Taxes section for more information.
Frequently Asked Questions about Chapter 13 Bankruptcy
As an experienced Amarillo bankruptcy attorney, David Enos can help ensure that your bankruptcy filing is both thorough and also maximizes the benefits of bankruptcy for you and your family so you can have a “fresh start.”
If you are considering filing for bankruptcy, please contact the Law Offices of David Enos for a free consultation with an Amarillo bankruptcy lawyer today (806)372-7307.
Information on this website is based on general principles of law. They may not apply to your situation. Nothing in this article constitutes legal advice and no reliance should be placed on the legal principles set forth in this website. This is why you should personally consult with attorney David Enos about your case. See the Mandatory Bankruptcy Disclosures.
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