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Chapter 13 Archives

Should you choose Chapter 7 or Chapter 13 bankruptcy?

You have found yourself in a financial bind, and you can't see how it's going to get better. You made some bad decisions, and now your hours have been cut back at work, too. You were already living paycheck to paycheck, and you can't justify cutting back in any area of your life. You already coupon for lower grocery costs, share rides with coworkers and live in a cheap rental.

Can I get a mortgage loan after filing for Chapter 13?

Life is filled with myths that are passed off as common knowledge. And bankruptcy is a topic of which there are many misconceptions that need debunking. For example, perhaps you have been led to believe that if you file for Chapter 13 bankruptcy, you may never be able to get a mortgage loan. This is not only a falsehood but in some cases, it is 180 degrees opposite of the truth.

Chapter 13 bankruptcy could give you time to save your home

A house is often a family's most valuable asset. Of course, in monetary terms, this is almost always the case. And if property values should rise, your house may be worth more now than when you purchased it. But beyond the dollar value, your house is also a home; a place that provides shelter, security, and stability for you and your loved ones.

What does a trustee do in a Chapter 13 bankruptcy?

If you have assessed all your debt relief options and arrived at the conclusion that you want to initiate Chapter 13 bankruptcy proceedings, you need to understand the details of the process. One of the most important people who will be involved in your case will be your trustee. Your trustee comes into the picture after the court accepts your Chapter 13 filing. And moving forward, the trustee plays a key role in helping make your Chapter 13 a success.

How can Chapter 13 help me get a fresh financial start?

Perhaps the strongest selling point of Chapter 13 bankruptcy is that it gives people what is commonly referred to as a "fresh financial start." You may have heard or read this term and wondered exactly what it means. Well, it is actually a rather all-encompassing phrase which refers to many aspects of the rebuilding process of your financial well-being.

What documentation does the court require for Chapter 13?

Perhaps you have been considering filing a Chapter 13 bankruptcy as a solution to your present financial setbacks. Many Texans take advantage of Chapter 13 benefits every year and still others would likely reap benefits if they too decided to take the step. But sometimes people delay or even avoid filing because they fear the process itself would be too arduous.

Chapter 13 offers the chance to pay debts in reasonable time

Texans are proud people. We believe in giving an honest day's work for an honest day's pay. What's more, it is important to us to honor our commitments. And this is why it can be extra difficult when we suffer financial setbacks. As much as we may want to clear our debts, sometimes circumstances can make it impossible to do so.

Bankruptcy offers more than debt relief

The most well-known attribute of bankruptcy is that it can completely discharge some or all of your debts, allowing you to gain a fresh financial start. This is perhaps the most common reason that people file for bankruptcy, but in addition to providing debt relief, a bankruptcy filing can also provide other forms of relief and protections. Depending on your filing, your life could go from painfully stressful to peacefully blissful.

How can I tell if Chapter 13 bankruptcy will help me?

The decision to file for bankruptcy is never easy, but unfortunately even if you make the difficult decision, your hard choices do not end there. For many people, deciding what type of bankruptcy filing to pursue can be just as difficult or confusing as actually deciding to file for bankruptcy. This is especially true if you are not aware of the differences between Chapter 7 and Chapter 13 bankruptcy.

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