Chapter 13 Bankruptcy Attorney in Fort Worth
Free Case Evaluation: Call (817) 285-8017
When debt overtakes your life and your finances, it can be incredibly overwhelming and stressful. If you are no longer able to pay your bills and fulfill your financial obligations, you may want to consider filing for bankruptcy with the help of a skilled Fort Worth bankruptcy attorney from The Pritchard Law Firm. We can walk you through the steps and provide you with individualized solutions unique to your situation.
Why Choose Our Fort Worth Chapter 13 Bankruptcy Lawyers?
- Over 45 years’ combined experience in this legal field
- Insider knowledge from representing both creditors and consumers
- Flat fees offered in most cases to get you cost-effective results
- Free consultation to review your debt relief options
We are here to guide you through every step of the process to a strong, secure financial future. Please don't hesitate to go over your options with a dedicated bankruptcy lawyer. With us, all your meetings will be with an attorney, not a paralegal or legal secretary, so you always get qualified legal counsel.
Call (817) 285-8017 to schedule your free attorney consultation.
Is Chapter 13 Right for You and Your Family?
Filing for Chapter 13 is often referred to as individual debt adjustment or a wage earner plan. Petitioners are required to come up with a repayment plan to repay their unsecured debt. Your court-supervised payment plan is based on your family's income, expenses, and your disposable income. You must pay your creditors in full or until five years have passed, whichever comes first. It is helpful to speak with an attorney before you file to see if this option is beneficial to you in the long run.
Chapter 13 can allow you to repay debt such as:
- Personal loans
- Credit card debt issued by banks
- Medical bills
The debt limits for Chapter 13 are $360.475 for unsecured debt and $1,081,400 for secured debt. When you file for Chapter 13 bankruptcy, it starts with filing a petition with your local bankruptcy court. After the petition has been filed, creditors are prohibited from contacting you and attempting to collect debt. This is called an "automatic stay" and includes attempts of repossession and foreclosure. From there, you must present information about your existing debts, expenses, and income. After you have submitted this information, you must submit a plan to the court about how you will pay your debts. You can count on us to help you with all of these steps.
Chapter 7 vs. Chapter 13
Chapter 13 may offer some benefits over Chapter 7. In Chapter 13, debtors are allowed to modify or eliminate some secured debts. Chapter 13 can also stop a foreclosure, allowing you to catch up on any overdue mortgage payments. This type of bankruptcy even allows you to eliminate some unsecured debts that Chapter 7 can't. Chapter 13 may not be for everyone, so consult an attorney for help.
Are Income Taxes Dischargeable?
In some cases, you may be able to discharge federal income taxes under Chapter 13. The income taxes that Chapter 13 cannot discharge are considered as priority debt and must be repaid in full. Income taxes that you owe to the IRS can be paid with no penalties or interest.
The Role of the Chapter 13 Trustee
The Chapter 13 trustee's role is different from the Chapter 7 trustee. The Chapter 7 trustee is tasked with locating and gathering a debtor's non-exempt assets, and he or she can object to the debtor's exemption claims. In Chapter 13, the trustee mainly supervises the debtor's case and approves the plan. After approving a plan, the trustee then collects payments from the debtor and distributes them to creditors.
If you face losing your property to repossession or foreclosure, act now. Contact us at (817) 285-8017 to get started.