Austin Chapter 13 Bankruptcy Attorney:
Texans have been especially hit hard by today’s economy and high unemployment rates. As a result of the slumping economy, individuals are overwhelmed by debt and constantly harassed by creditors and collection agencies. Fortunately, Texas and federal bankruptcy laws provide an option for those who qualify. Those who have a steady and regular source of income may qualify for a Chapter 13, or “wage earner’s” plan. Under Chapter 13, you may reschedule many debts and extend the payments over the three to five years of the Chapter 13 plan. This will give you the much-needed breathing room that you need and help you to get back on your feet. The bankruptcy attorneys at Fear Nachawati offer a free case evaluation that will allow you to review your options. Call our Austin office at 866-259-3002 for your free case review.
Benefits of Chapter 13 Bankruptcy:
- Especially suited for those who have a steady, regular and stable source of income who are interested in repaying part of their debts, and need time to do this
- Under Chapter 13, debtors will reorganize their debt and become current over a three to five year period
- At the completion of the Chapter 13 plan, remaining unsecured debt is discharged
- May be ideal for those who are experiencing a temporary financial shortage
- Will have three to five years to pay past mortgage debt and once again become current
- Halts interest and penalties from accruing on debts
- Individual will be able to maintain ownership of their property during the Chapter 13 duration
- Many other benefits – ask your attorney
What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?
There are numerous differences between a Chapter 7 and Chapter 13 bankruptcy. Primarily, in a Chapter 7 bankruptcy, debts are not paid off. Unsecure debt is eradicated. If you have non-exempt property, it will be turned over to the Trustee for sale and creditors will be paid from those proceeds. In a Chapter 13 bankruptcy, you will have three to five years to pay your bills and once again become current. Thus, you will be able to keep your property if you adhere to the Chapter 13 bankruptcy plan.
Contact an Austin Chapter 13 Bankruptcy Attorney for a Complimentary Case Review:
A Chapter 13 bankruptcy proceeding can give you the opportunity to get back on your feet and put an end to creditor harassment. The bankruptcy attorneys at Fears Nachawati offer a free case review that will help you to understand your bankruptcy options and how you may proceed. The case evaluation is confidential and there are no strings attached. You may conduct your review on the phone or at their Austin office. To arrange your free case review, call Fears Nachawati, Attorneys and Counselors at Law, at 866-259-3002.