Chapter 13 Bankruptcy
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Chapter 13 bankruptcy is a powerful tool that makes wonderful sense in certain situations. For example, if you are behind on a mortgage but want to stay in the home, the chapter 13 bankruptcy forces the lender to allow you time (typically 5 years,) to catch up on your late payments over time.
Other benefits from Ch. 13 protection involve the ability to do what is called a “cramdown” on a vehicle. This option is available for vehicle owners who have had their auto loan for 2.5 years or longer. If you owe more on your vehicle than the vehicle is worth, the cram-down allows you to lower the amount due on the vehicle down to the actual value, thus lowering your monthly payment.
Although chapter 13 protection can be very powerful, it is also not right for everyone because it is more cumbersome than filing a typical ch. 7 case. For this reason, it is important to review the situation carefully to make sure that the benefits are great enough to justify filing a ch 13 repayment plan.
It is not always easy to file in chapter 7. In the past time, you were able to file for it no matter what was the amount of your income. As the time passed the government of Dallas became more vigilant and nowadays you have to earn median income. If this is not the case with you, then you won’t be able to file for it.
Thanks to our knowledge and experience your case isn’t lost yet, not even in this particular situation; in this case, we will address you to Chapter 13. If you and your family members earn a median income according to the State of Dallas then you are eligible to file this Chapter, which brings us to the fact that our attorneys always know how to find the way out and solve the issue.
First and a crucial thing that our company does is researching about your situation and then about the chances to win the case and get rid of debt. As an ordinary person, you probably don’t know that some of the debts are not dischargeable by the court. Here in our office, you can find a lot of useful information related to this subject.
First of all, you need to know that if you are a student and you want to get rid of student loans you are not eligible to file for the Chapter 13, neither for the chapter 7. Other debts are also not included: some tax debt related to IRS, large purchase such as appliance or furniture, debt related to the fraudulent act, etc.
However, the Chapter 13 and our professional handling of the case is nothing less than an excellent opportunity to make a plan of financial reorganization to stabilize your financial affairs and all this under the protection of the court specialize for bankruptcy.
The length of this plane should be three or five years, and the court has a right to approve it without creditor’s approval as long as it can accomplish the Chapter 13 requirements. So basically, according to the law of the state of Dallas, you will be able to recover your financial situation within less than five years. That is the main difference between these two chapters.
The chapter 7 doesn’t offer any plan. Still, the second mentioned is the one that allows you the liquidation of property (not- exempt one). To make things clearer The Chapter 13 is some reorganization, and Chapter 7 is liquidation. Regarding the advantages of Chapter 13, there is an ability to stop foreclosures.
If you consult with a professional and file for this section within three years and a real reorganization you will be able to sleep normally again. No more worries concerning the debt, everything will be in our hand, and we will lead you straight toward your way out.
You will save a lot of your assets, and your mortgage won’t be endangered anymore. As the most experienced office in Dallas, you won’t have to worry at all. There is no obstacle we hadn’t previously overcome somewhere in the past. Our attorneys are so versed that they can predict a lot of unexpected situations.
As the leading team specialized for this field, we won’t disappoint you. Everything that you’ve just read, you will hear again and everything will be thoroughly explained to you if you call us or contact us via email.
The best part is that you can consult with our professionals and then decide if you are going to hire us. Don’t hesitate to call us. The sooner we take your case, the sooner you will get out of debts.