Chapter 13 Bankruptcy Attorneys Serving Burleson, TX

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Looking back, maybe you could have managed your money better and should have done things differently, or maybe things just didn’t work out, or more than likely it was a combination of both of those things. Either way, you are now in a very difficult spot that has to be addressed before it gets even worse. (Of course, winning the lottery would solve everything, and we wish you the best with that, but in the meantime, you need to have another plan.) 

If you have tried everything and are still under a mountain of debt, you may want to consider bankruptcy. Before you quickly dismiss the idea, you should take some time to learn more about it and talk to one of our Burleson Chapter 13 bankruptcy attorneys today! We can let you know if this is an option you should explore and what it means for you and your family moving forward. Call us to set up a free consultation and find out what we can do for you.

Burleson Chapter 13 Bankruptcy Attorneys

Who Qualifies For Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is sometimes called the  “wage earner’s bankruptcy,” and for good reason. Chapter 13 bankruptcy is for wage earners who are employed and have steady income but have fallen seriously behind on their credit payments. To qualify for Chapter 13, you need to prove you have a steady stream of income to cover your bills. You must report your income to the bankruptcy court within 14 days of filing, listing all of your income sources, including: pensions, Social Security, unemployment compensation, investment income, child/spousal support, etc. A court-appointed trustee will assess your income and expenses to determine whether you can meet your financial obligations under a restructured plan. If you meet the necessary requirements, Chapter 13 bankruptcy could be a potential solution. 

How Chapter 13 Works

If you qualify for Chapter 13 bankruptcy, you will need to submit a reorganization plan that protects your home and other personal belongings from foreclosure and repossession, thanks to certain exemptions. The plan usually also includes a request for forgiveness on other debts. The exemptions vary by state, and our Burleson Chapter 13 bankruptcy attorneys can help you determine what exemptions are available in Texas. 

Chapter 13 bankruptcy typically discharges fewer types of debt than Chapter 7 bankruptcy because its goal is repayment rather than total elimination of the debt. However, neither type of bankruptcy erases all debt. You are not allowed to discharge such debts as child support payments, alimony obligations, student loans or most taxes. 

Upon filing under Chapter 13, an automatic stay will be imposed on any foreclosures and payments for other debts until the court acts on the proposed plan. It’ll buy you some relief from creditors while the court reviews your reorganization plan. 

Advantages Of Chapter 13 Bankruptcy

While bankruptcy is never an ideal solution, and often a last resort for many people, it can be a lifesaver for individuals drawing in debt and looking to get back on their feet. Filing under Chapter 13 can offer a wide range of benefits for people overwhelmed by debt.

  • One major advantage of Chapter 13 bankruptcy is that it helps you manage your debt while allowing you to keep your assets. Whereas Chapter 7 bankruptcy requires you to sell off many of your assets to pay off your debt, Chapter 13 permits you to maintain your assets and repay your debt over a period of time.
  • Another benefit of Chapter 13 is that it might give you an opportunity to become current on past due mortgage or car loan payments if you have fallen behind. If you are facing foreclosure or repossession, filing for Chapter 13 can stop the action, and allow you to catch up on your past due payments. As you begin to get your finances back on track, this could provide a huge relief.
  • Moreover, Chapter 13 bankruptcy provides protection for co-signers. If you have a co-signer on your loan, your Chapter 13 filing will protect them from creditors demanding payment on your behalf, easing the stress and strain on your relationships so you can get back on your feet.
  • Though certain debts like child support, alimony, student loans, and taxes cannot be discharged, in some cases, under Chapter 13, you may be able to reduce the amount you owe on these debts, making it easier to pay them off.

Don’t Delay—Call Ted Machi & Associates For Help Today!

If you are drowning in a sea of debt and struggling to keep your head above water, our Burleson Chapter 13 bankruptcy attorneys can offer you a lifeline. There are many protections for you through bankruptcy, and there are even more benefits to Chapter 13 specifically. Stop the constant cycle of missed payments, catch up on what you owe, and gain peace of mind.

We take great pride in helping good people, like yourself, facing difficult financial situations get back on the right foot. We can answer any questions or alleviate any concerns you may have about bankruptcy. Don’t go through this alone. Reach out to our Burleson Chapter 13 bankruptcy attorneys today to schedule a free consultation and find the relief you need.

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Burleson, TX Practice Areas

The team at Ted Machi & Associates help me through a difficult situation and was very responsive to insure a successful outcome. My attorney was very thorough in explaining and helping me make the right decision. If you need expert advice and a company with years of experience, I would consult with the team at Ted Machi and Associates. My outcome was favorable.

Debra S.

Dan Wright, embodied the persona of what an attorney should be. He restored our faith in the legal system with his professionalism and knowledge. We wouldn’t hesitate to recommend Machi & Associates to anyone needing assistance.

Roderick J.

*Ted Machi is a Certified Member of Who’s Who Top Attorneys of North America for 2023
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