Individuals can face mounting debt for a variety of reasons. When someone has too much debt to deal with, it is imperative they realize they have options for seeking legal help. With chapter 13 bankruptcy in Keller, TX, individuals can find freedom from the debts they owe so they can start fresh with their future. Before a person decides on this type of bankruptcy, they need to know what to expect.
What Is Chapter 13?
Individuals who have mostly secure debts will find it helpful to file for chapter 13 bankruptcy in Keller, TX. Chapter 13 helps individuals to avoid losing their home to foreclosure, which can be heartbreaking when someone has worked so hard to try and keep their mortgage paid.
When someone applies for chapter 13, which is often referred to as the wage earner’s bankruptcy, they will need to submit information on all of the debts they owe and their assets. When someone meets with a lawyer they will learn if they are a good candidate for bankruptcy and they can get the process started.
Once the bankruptcy is in place, the individual will make monthly payments to the court each month. During the three to five years that are granted by the court, the payments will slowly eliminate the individual’s debts.
When the bankruptcy goes into effect, cease and desist letters will be sent to all of the creditors the person owes. The creditors are no longer allowed to contact the individual and can no longer pursue any type of collection activity, including foreclosure.
Get Legal Help Today
If you are dealing with more debt than you can handle with your current income, there is help available. Scheduling a consultation will allow individuals to learn if they are a good candidate for chapter 13 and how it can benefit them.
This site is full of information that will guide you into making the right decisions for your financial situation. Call today to get started.
