Chapter 13 Lawyer in Arlington, Texas

Regain Financial Control With Chapter 13 Bankruptcy Guidance

Whether you are facing foreclosure or concerned that you may be falling too far behind on your loan payments, Chapter 13 is designed to help you keep your property while giving you the time you need to repay your debts and regain your financial footing. This powerful federal tool is designed to give you the second chance you need to reestablish your financial stability.

Take advantage of this opportunity to regain economic freedom! With our experienced Arlington bankruptcy attorney on your side, you can rest assured that your case will be in good hands. Call (817) 381-9292.

Eligibility Criteria for Chapter 13 Bankruptcy 

Many people prefer to file under Chapter 7 because it allows them to discharge most or all of their debt. However, everyone is able to pass the disposable income means test required to file for this type of bankruptcy. If you have too much income to qualify for Chapter 7, you will still almost certainly be eligible under Chapter 13.

Some of the basic requirements for filing Chapter 13 include:

• Meet debt limits - Your secured and unsecured debts cannot exceed specific amounts
• Regular income - You must prove you can regularly make payments on your repayment plan through a steady income
• Must be a non-business filer - Chapter 13 is not available to businesses, though a sole proprietorship could potential benefit from Chapter 13
• Tax filings are current - You cannot file for Chapter 13 unless your tax filings are current for the past four tax years

Why Choose Chapter 13 Bankruptcy?

Keep in mind that some debtors who qualify for Chapter 7 still decide to file for Chapter 13 because of its unique benefits.

For example, filing for Chapter 13 may allow you to:

• Protect your home from foreclosure
• Protect a co-debtor
• Keep your nonexempt assets
• Discharge some debts that can also be discharged in a Chapter 7 bankruptcy
• Discharge some debts that cannot be discharged in a Chapter 7 bankruptcy
• Prevent wage garnishment and other debt collection measures
• Have extra time needed to repay debts in manageable monthly payments
• Catch up on car loan and/or mortgage payments while maintaining the original contract

Step-by-Step Guide to Filing Chapter 13 

Much like any other chapter, filing Chapter 13 starts with collecting all relevant documents, analyzing your debt, and taking inventory of your property. You and your bankruptcy lawyer can determine your budget to work out a repayment plan. Just like in Chapter 7, you will complete an approved credit counseling court before submitting your forms.

Once you have figured out your debt repayment plan, your attorney can help you file your Chapter 13 petition with the court. You will then attend your 341 meeting of creditors. However, Chapter 13 will also require a plan confirmation hearing, where a judge will decide where to approve your repayment plan.

Once your plan is approved, you will continue making your plan payments over the next 3 to 5 years. At the conclusion of your plan, you will recieve a dischrage of your remaining eligible debts.

Understanding Chapter 13 Bankruptcy in Arlington, Texas

Living in Arlington, you may be aware of the challenges that many residents face, from living costs to unexpected medical expenses. If you're struggling with debt and considering Chapter 13 bankruptcy, it's essential to understand how this option can help you regain control of your finances while keeping your home and other valuable assets. The City of Arlington, along with local resources such as the Arlington Housing Authority, provides support for residents facing financial difficulties, providing that you have access to the information and assistance you need.

Many Arlington residents find themselves overwhelmed by debt due to factors like job loss or medical emergencies. The stress of potential foreclosure or wage garnishment can be daunting. However, our team at Law Office of Marilyn D. Garner is dedicated to helping you navigate your situation.

Our team understands the unique challenges faced by Arlington residents and can guide you through the Chapter 13 process. We are committed to helping you navigate your financial hurdles and find a path toward economic recovery. If you're ready to explore your options, reach out to us today for a consultation.

Consult with Arlington's Chapter 13 Bankruptcy Attorney

If you want to pay back your debts and keep your assets, Chapter 13 could be a good choice for you. Let our firm explain the details and repercussions of Chapter 13 bankruptcy. Call the Law Office of Marilyn D. Garner today to find out how we are ready and willing to assist you in your unique situation and find the right solution for whatever debt dilemma you may face.

Don't wait. Schedule a free, no-obligation case evaluation with our Arlington law office today. Help is just a phone call away!