Chapter 13 Bankruptcy Lawyer in Beaumont

Chapter 13 Bankruptcy: Frequently Asked Questions

Do you have questions about Chapter 13 bankruptcy? At the Maida Law Firm, P.C., the Beaumont bankruptcy attorneys have over 40 years of combined experience on our side and are committed to doing everything in our power to help people facing financial difficulties. Whether you are considering bankruptcy or want to know if there are any alternatives available to you, you can turn to us at any time.

We understand the bankruptcy process as well as the laws and regulations surrounding this area of law. No matter how hopeless your situation appears to be, do not give up until you have let us examine your case. If you have any questions, you can look through the frequently asked questions below or you can contact our firm!

Information on Chapter 13 Bankruptcy

How could Chapter 13 bankruptcy help me?
If you have found yourself overwhelmed by debt and unable to pay your monthly bills and stay on top of your mortgage payments, Chapter 13 bankruptcy could help you. The reason that this type of bankruptcy could help you more than other forms of bankruptcy is because it allows you to keep all of your property. Whether the property is considered exempt or non-exempt, it will not matter under Chapter 13 bankruptcy. Rather than sell property in order to discharge debt, a repayment plan is set up. Over a three to five year period, the debtor can gradually repay the debts to their creditors. In order to see if you qualify for this type of bankruptcy, please do not hesitate to tell us about your case and allow us to determine how best to help you.

If I am being threatened with foreclosure, could bankruptcy help?
For families or individuals who are facing the possibility of losing their home or having their car repossessed, there are steps you can take to avoid this from happening. If your car loan or mortgage is worked into a Chapter 13 repayment plan, you could avoid the stress and trauma of being thrown out of your home. It is important, however, to be sure that you qualify to file under Chapter 13 bankruptcy. One of the qualifications is that you have a steady means of income. The reason for this is that the court has to be confident you have a good possibility of completing payments on your new repayment plan.

Can I file for Chapter 13 bankruptcy on my own?
When considering whether or not to file for Chapter 13 bankruptcy, one important question you will have to think through is whether or not you need a legal professional helping you. Filing for bankruptcy can prove to be extremely complicated. By allowing an attorney to look over your situation, they could evaluate your specific case and figure out what the best solution would be for you. Bankruptcy is not the best option for everyone and there could be an alternative that is in your better interests. If you and your attorney determine that bankruptcy is the best solution, they will be able to help you ensure that all of the paperwork is filled out correctly and the proper documents are filed with the court. Even after bankruptcy has been finalized, a bankruptcy lawyer could work with you to help you budget for your repayment plan and help you repair your credit.

How does the repayment plan work?
If you have qualified to file for Chapter 13 bankruptcy, how does the repayment plan work? Every person will be able to have a plan tailored to their own individual budget. You and your attorney can look and your finances and determine how much disposable income you will have and this will go towards making payments for you plan. Usually, you do not have to being making payments until 30 days have passed. This plan, however, is not final until the court has given its approval. Known as confirmation, both your creditors and the trustee put in charge of your plan will be able to look at your plan and make sure they are in agreement of it. They can raise objections and decide whether or not to give confirmation for it.

What could happen if I cannot keep up with my repayment plan?
Life is unpredictable. A Chapter 13 payment plan may be doable at the time it was formulated, but circumstances arise which make it impossible to keep up with. What can you do if this happens to you? By dialoguing with your attorney, you could make changes to your plan so that it better suits your budget. If your situation necessitates it, you could even file for bankruptcy a second time in order to discharge your debt.

More questions? Contact our bankruptcy attorney in Beaumont or Houston!

If you think that Chapter 13 bankruptcy is a good option in your situation but have more questions regarding whether it is right for you, please do not hesitate to get in touch with a Beaumont bankruptcy lawyer from our team at the Maida Law Firm, P.C. We have over four decades of experience in these types of cases and understand the ins and outs of these situations. No matter how complex your case appears to be, with our team helping you, you could get your finances back under control. To learn more, please do not hesitate to get in touch with a bankruptcy lawyer from our legal team at our Beaumont or satellite office in Houston today!

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