A Debt Reorganization Plan for Individuals
Chapter 13 bankruptcy is a debt reorganization and repayment plan that allows you to pay off your debt over a three-to-five year period. While secured debts such as home mortgage arrearages need to be repaid in full, unsecured debts often can be repaid at pennies on the dollar. At the Maida Law Firm, we offer a free initial consultation to answer your questions about Chapter 13 bankruptcy. We have offices in Beaumont and Houston and serve clients throughout southeast Texas and the Texas Gulf Coast.
Why Would I File Chapter 13 Bankruptcy Instead of Chapter 7?
There are several reasons why you may choose to file Chapter 13 bankruptcy instead of Chapter 7:
- You are not eligible to file Chapter 7 bankruptcy.
- You have assets such as a second home that you would lose if you filed Chapter 7 liquidation bankruptcy.
- You may be behind in your house payments and in danger of losing your home due to foreclosure. When you file Chapter 13 bankruptcy, you can place your arrearages in your Chapter 13 payment plan and pay it off over five years. You can also strip the lien from a second mortgage if your house is worth less than your first mortgage.
- You may have other debts that are not dischargeable such as tax debts, student loans and unpaid spousal maintenance. By filing Chapter 13 bankruptcy, those debts can be placed in your payment plan and paid over time without interest or penalties.
During your free consultation, we'll help you determine which form of bankruptcy is best for you.
Learn more about filing Chapter 13 bankruptcy:
Frequently asked questions about Chapter 13 bankruptcy.
Contact Our Houston and Beaumont Debt Reorganization Lawyers
Our Beaumont and Houston Chapter 13 bankruptcy attorneys offer a free initial consultation to discuss your financial situation. Call 409-291-5117 to schedule a consultation at our Beaumont office or 713-987-3910 to schedule a consultation at our Houston office.
