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Chapter 13 Bankruptcy Attorney

Chapter 13 - Keeping your Assets 

This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.

In a nut shell

A chapter 13 bankruptcy is also called a wage earner's plan. It enables people with regular income (a job or self-employed) to develop a plan to repay all or part of their debts. Under this chapter, we will propose a repayment plan for you to make installments to creditors over three to five years. 

It is often the chapter chosen when you wish to reorganize part of your secured debt, for example a vehicle that you are behind on or a mortgage. This chapter allows you to reorganize some debt into a plan to give you the breathing room you need to ​live without the constraints of financial burdens and start to enjoy living life without the daily stress these debts put on us all. 

Advantages of Chapter 13

Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure and to stop repossession of their vehicles. By filing a chapter 13, homeowners can stop foreclosure proceedings and may cure delinquent mortgage payments over time.

Have you been trying to work with your mortgage company to get a Loan Modification?  Let me guess, this has been going on for a while now because they need another bank statement or didn’t get the Hardship letter or more paycheck stubs even though you have faxed it over and over. We hear these horror stories every day. Filing a Chapter 13 will take that control away from them. No more playing games with your family’s future.

Another advantage of chapter 13 is that it allows individuals to reschedule secured debts (cars, furniture, property taxes) and extend them over the life of the chapter 13 plan. Doing this may lower the interest rates and the payments. 

Finally, chapter 13 acts like a consolidation loan under which you make the plan payments to a chapter 13 trustee who then distributes payments to creditors.

You will have no direct contact with your creditors while under chapter 13 protection. The phone stops ringing, they can’t even send you a bill in the mail. Everything goes through the federal court once you file your case.  Your property is protected from seizure and all forms of collections are stopped.


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Call Today: 713.344.0997

Vasquez Law Group, PLLC is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.



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701 N. Post Oak Rd., Ste 655 , Houston, TX 77024
| Phone: 713-344-0997

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