Chapter 13 Bankruptcy in Irving
Speak with an Irving Bankruptcy Attorney Now!
When you’re struggling with crippling debt, facing each day can be difficult. Not only is there a tremendous amount of uncertainty as to what may happen next, but you never know when someone may take an action against you that jeopardizes your standing even further. Fortunately, there are courses you can take to regain control of your life, including getting rid of your debt by declaring bankruptcy. Chapter 13 bankruptcy is growing increasingly common as more and more people recognize the benefits it can have in terms of both allowing them to get back on their feet while also keeping what they already own like their home and car.
If you would like to find out if Chapter 13 can be beneficial to you and your life, an Irving bankruptcy attorney may be able to help. J. Roland Jeter, P.C. has guided numerous clients to successful legal outcomes since 1978. Attorney J. Roland Jeter is passionate about protecting his clients and putting the law to work to benefit them, meaning you can expect to receive trustworthy counsel, exceptional representation, and advocacy that has your best interests at heart. For 39 years, Attorney Jeter has fought to preserve the rights of his clients, and earned several awards and recognitions while doing so, including an AV® Preeminent™ rating from Martindale-Hubbell®.
Looking for assistance when struggling from crippling debt? Explore whether or not Chapter 13 bankruptcy is right for you by calling J. Roland Jeter, P.C. at 972-990-4050 and receive a consultation.
What Is Chapter 13?
In Chapter 7 bankruptcy, you have to surrender your assets to a trustee, who liquidates them and then distributes the proceeds to creditors before your debts are discharged. Chapter 13 is different—you don’t have to undergo the liquidation process, but you will have to pay off most or all of your debts within a certain period of time, usually about three to five years. Appropriately, Chapter 13 bankruptcy is known as “reorganization” bankruptcy.
Chapter 13 bankruptcy involves creating a payment plan, which essentially takes all of your debts and combines them into one lump sum which you then make payments every month towards eventually paying them off. Certain debts are considered “high priority” and are the ones paid off first. After that, any unsecured debts are then paid off with what little disposable income you have left. In order to be granted bankruptcy, the court must review and approve your payment plan.
For this reason, it’s a smart idea to consider having an Irving bankruptcy attorney work with you to create a balanced and obtainable payment plan. You don’t always have to pay everything off entirely, just work towards being able to do so. An attorney can help you determine the best course of action and create a payment plan that both satisfies your creditors and will be approved by the judge, while also allowing you to regain control of your life.
Learn more about Chapter 13 bankruptcy by obtaining a from J. Roland Jeter, P.C. Contact us online now to get started.