Chapter 13: An Overlooked Debt Relief Option
When people think about bankruptcy, they often think about Chapter 7. However, that is not the only option. Chapter 13 is another form of bankruptcy that works quite differently from Chapter 7, but is still an effective path to debt relief.
In Chapter 13, you will create a debt repayment plan. The plan will be based on your income, so you know it will work for you. It will allow you to pay off your debts over the course of three to five years. Some debts will be paid in full through the plan. Other creditors may only receive a portion of what is owed, with the remainder discharged upon plan completion.
Chapter 13 bankruptcy works well for people who are not eligible for Chapter 7, or who want to tackle debts that are not dischargeable in Chapter 7. Furthermore, Chapter 13 allows you to keep your home, your car and other assets, as long as you continue to make payments on them as appropriate. There is no asset liquidation in Chapter 13.
Is Chapter 13 Right For You?
If Chapter 13 sounds like it might be the right debt relief option for you, discuss your case with an experienced bankruptcy lawyer. At the law office of Christopher Todd Morrison, P.C., in Houston, Texas, we have more than 15 years of experience creating Chapter 13 plans. In a free consultation, we will review your situation to determine if this is indeed the right option. We can help you create a plan that will usher you toward a debt free future.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.