Chapter 13 Bankruptcy

In a chapter 13 case, the debtor puts forward a plan, following the rules set forth in the bankruptcy laws, to repay certain creditors over a period of time, usually from future income.

A chapter 13 case may be advantageous in that the debtor is allowed to get caught up on mortgages or car loans without the threat of foreclosure or repossession, and is allowed to keep both exempt and nonexempt property. The debtor's plan is a document outlining to the bankruptcy court how the debtor proposes to dispose of the claims of the debtor's creditors. The debtor's property is protected from seizure from creditors, including mortgage and other lien holders, as long as the proposed payments are made and necessary insurance coverages remain in place.

The plan generally requires monthly payments to the bankruptcy trustee over a period of three to five years. Arrangements can be made to have these payments made automatically through payroll deductions.

Jean H. Taylor is proudly serving East Texas including Longview, Marshall, Jacksonville, Palestine, Gilmer, Henderson, Jefferson, Waskom, Woodlawn, Tatum and all other residents in Gregg County, Harrison County, Smith County, Cherokee County, Anderson County, Henderson County, Wood County, Upshur County, Van Zandt County, and Rusk County.

Experience matters. Give us a call today at (903) 938-9788 or send us a message to schedule your free initial bankruptcy consultation. Turn your worries over to Jean and get started on a new financial path.