Chapter 13 Lawyer in Arlington, Texas

Assistance with Reorganization Bankruptcy in Fort Worth

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.

How to Qualify 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

Unique Advantages of 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

How to File for 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.

Discuss Chapter 13 with the Law Office of Marilyn D. Garner

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!