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
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!