If you are always being hounded by debt collectors and on the brink of losing your house, but you don’t have sufficient money yet to repay your creditors, you may consider filing a request for bankruptcy. A chapter 13 bankruptcy enables workers who bring in a regular stream of income to recover from their debts and have the ability to pay these debts back. You can get in touch with the best chapter 13 bankruptcy lawyers at Richard Weaver & Associates that will help you prepare a repayment plan which will outline the installment payments that will be made to creditors over a number of years.
Determined by your own monthly income, the repayment strategy might be from three years to five years. Five years is the maximum interval. Once the repayment plan is in place, you will be able to breathe better because creditors are prohibited by law from making or further continuing any collection harassment.
Chapter 13 bankruptcy is especially helpful if your home is in the procedure of being foreclosed. It will cease foreclosure proceedings from continuing thus don’t squander this opportunity. It’s far better to address your issues instantly than to await foreclosure proceedings to end because once the foreclosure sale is already finished, it might already be too late.
To find out your eligibility for a chapter 13 bankruptcy in Dallas-Fort Worth, TX, you can discuss with the chapter 13 bankruptcy attorneys at Richard Weaver and Associates. You can only file for chapter 13 bankruptcy if your debts do not exceed a certain threshold sum. These amounts are $383,175 for unsecured obligations and $1,149,525 for secured obligations. An obligation is guaranteed if there’s a security that will answer for the debt if it is not paid during its due date.
On the other hand, it really is unsecured if there is no such collateral. The amounts change periodically though, as they can be adjusted in accordance with changes in the consumer price index. Furthermore, just people could be a debtor under chapter 13; partnerships and corporations are not permitted. Additionally, there are other qualifications and disqualifications. The debtor must have consulted with and asked for credit counseling first from an approved credit counseling agency before filing a request for a chapter 13 bankruptcy.
The debtor may attend a counseling where he is the sole client or he may attend a group briefing. The important idea is that the petition should have been filed within 180 days following the credit counseling was received. A debtor also cannot petition for a chapter 13 bankruptcy if he already once filed a bankruptcy petition, but the request was subsequently dismissed as the debtor willfully did not appear before the court, the debtor did not obey the orders of the court, or the creditors sought to regain security over which they have interest in the shape of liens.
If the requirements are not complied with or disqualifications are found, the petition for chapter 13 bankruptcy will probably be blown off. The best chapter 13 bankruptcy attorneys at Richard Weaver & Associates can assist you in filing a chapter 13 bankruptcy petition in Dallas-Fort Worth, TX and represent you during the proceedings.
When a chapter 13 bankruptcy petition is submitted, the creditor is mechanically enjoined from further instituting or pursuing collection actions against the debtor. Even phone calls are prohibited. Yet, determined by the situation, the injunction may not be irreversible. Injunction may also not be allowed under particular cases. No additional action is essential aside from filing the request to acquire this stay or injunction as it arises by operation of law.
The co-debtors of the debtor who filed the request are also shielded as the creditor may not go after them in lieu of the petitioning debtor. This applies only with respect to consumer debts that refer to debts incurred for private or family use. However, this is not certain as it’s also possible that the court may order otherwise. In that case, the creditor may have the ability to assert from the co-debtors.
Call (817) 422-5929 or 214-463-2000 to speak with chapter 13 bankruptcy lawyers at Weaver Bankruptcy Law Firm so they will be able to help you with your problem. Don’t wait until you lose your home.