When you file a Chapter 13 in Dallas TX, you’ll pay back some or all of your debts within three to five years. You will keep your property, unlike a Chapter 7 bankruptcy, where you surrender some property in order to pay creditors. Chapter 13 bankruptcy is sometimes called reorganization bankruptcy.
If you are approved for a Chapter 13 bankruptcy, you can avoid foreclosure, stop debt collectors, prevent auto repossessions and stop junior liens on your property. By contacting a bankruptcy lawyer, you can work out a plan to repay your debt and get your finances back on track.
People who owe more than $1,149, 525 in secured debts or more than $383,175 in unsecured debts can’t file for Chapter 13 bankruptcy. In order to file for Chapter 13, you must have enough income to pay your debts. The court may rule that you have insufficient income to file for Chapter 13 in Dallas TX. Income that can be used to pay back debts include wages, self-employment income, pension payments, royalty income, Social Security benefits and disability or worker’s comp benefits. You’ll also need to be up to date on your federal and state tax filings to successfully apply for a Chapter 13.
A secured claim is backed up by collateral. If you don’t pay back your debt, your creditors can seize your collateral and sell it to receive payment. Secured claims include property taxes. This debt must be paid in full with interest over the course of your repayment plan. The interest differs according to the state or city where you live.
Once a repayment plan is agreed upon, you must pay on time as scheduled or risk dismissal of the case. You may be able to establish a new repayment plan if the court approves.
Businesses can’t file a Chapter 13 in Dallas TX. People who filed for a Chapter 7 in the last four years or a Chapter 13 in the past two years can’t file until enough time has elapsed between bankruptcies. Keep in mind a Chapter 13 bankruptcy will remain on your credit record for up to ten years and make it hard to get a mortgage. You will also lose your credit cards, but you will come out of the experience debt-free.
If you are considering filing for bankruptcy, contact the Law Office of William Kunofsky to learn about Chapter 13 in Dallas TX. He specializes in consumer and business bankruptcy, IRS representation and Texas sales tax litigation. Call the Law Office of William Kunofsky at 214-369-1040 or visit our website at ww.debtfighters.com to learn more.
Chapter 13 Dallas TX
Bankruptcy Lawyer Dallas TX
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Dallas, Texas 75231
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