Filing for bankruptcy in Houston has a reputation for being a last resort for people who have absolutely nothing left. That assumption could not be further from the truth. Chapter 13 bankruptcy is actually most appropriate for individuals who have a regular source of income because they will be paying back their debts over the course of three to five years. It is preferred by people who are facing a foreclosure, to stop the foreclosure and allow the delinquent payments to be brought current. Chapter 7 does not have such a payment plan or an ability to catch up a delinquent mortgage.

If you qualify, chapter 13 bankruptcy will make the harassing collection calls stop and prevent you from drowning in debt. Everything you owe will be organized in a way that works with your current financial situation, and, even will be able to sleep a little more soundly at night.

The Most Common Bankruptcy Filing in Texas

The American Bankruptcy Institute has listed Chapter 13 bankruptcy as the most common filing in Texas for the last five years. Why is it such a popular choice?

  • You will keep all of your property, exempt and non-exempt
  • You will have a longer period of time to pay the debt back
  • Debts that are not canceled in a Chapter 7 discharge can be reduced in a Chapter 13 payment
  • You have protection against creditor's collection efforts while in Chapter 13
  • You have protection against foreclosure by the lender of your home
  • You can file Chapter 13 more than once

Are You Eligible to File for Chapter 13 Bankruptcy?

Everyone has a different situation that might be considered, but in general, you may want to consider filing Chapter 13 if:

  • You have received a discharge under Chapter 7, 11 or 12 more than four years ago
  • You received a discharge under Chapter 13 more than two years ago
  • You have a co-debtor on a personal debt. The creditor will leave your co-debtor alone if you keep up with your bankruptcy plan payments.
  • You have a tax debt. If a large part of your debt consists of federal taxes, what happens to your tax debts may determine which type of bankruptcy in Houston is right for you.
  • Your unsecured debts and secured debts fall within certain monetary guidelines.

Don't File for Chapter 13 Without an Attorney

Even after doing a ton of research into your bankruptcy filing options, there is a good chance you will still miss something important. With over 30 years of experience in bankruptcy law, there are very specific details and rules that Chapter 13 bankruptcy lawyer J. Thomas Black will be able to explain to you. He knows how to evaluate your current situation to determine whether you or not you would be a good candidate for Chapter 13.

If you are thinking about filing for Chapter 13 bankruptcy, contact Houston attorney J. Thomas Black at 888-707-1233 to schedule your free consultation.

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Date published: 1/7/2019
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Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization