Why Chapter 13 Bankruptcy?

Deciding whether you’re a better fit for Chapter 7, 11 or 13 can often be confusing. Simply put, Chapter 7 is meant for selling assets to satisfy creditors and Chapter 11 is for business reorganization. Chapter 13 is unique in that you do not need to sell any assets, it’s simply reorganizing your debt in a way that’s manageable! And, it is a great option for people who have a routine source of income and assets. Your debts will be structured in a way that provides you with a simple monthly payment over a period of usually 3-5 years that satisfies your creditors.

Chapter 13 – Consumer Bankruptcy

Bankruptcy is often associated with a negative connotation. Its commonly associated with people as a last resort and at the end of their rope. However, this couldn’t be further from the truth. Chapter 13 Bankruptcy is a tool for any person needing relief from foreclosure, debt collectors, tax issue etc. Filing for Bankruptcy gives everyday people the ability to collect themselves and put their families in a better position by restructuring their debt in a way that’s manageable and achievable.

Selecting the right attorney in Houston to represent you in your bankruptcy can mean the difference between continuing your headache or swiftly moving on with your life. The Houston Bankruptcy attorneys at the Guerra| Days Law Group have been helping people improve their lives through Chapter 13 Bankruptcy since 2010.

Am I eligible for Chapter 13 Bankruptcy?

Certain situations can disqualify people from qualifying for Chapter 13 Bankruptcy but typically you’re eligible if:

• You have a steady source of income
• You are facing foreclosure of real property
• You have a tax debt or owe the IRS
• Your unsecured debts (typically credit card bills) meet statutory guidelines
• Also, if you’ve previously filed for Bankruptcy you still qualify if:
  • You received a Chapter 13 discharge more than 2 years ago; or
  • You received a Chapter 7 or 11 discharge more than 4 years ago

Of course, these are simple qualifiers that most people in debt are going to meet. To see if Chapter 13 Bankruptcy is right for you, schedule a free consultation with our experienced Houston Bankruptcy attorneys today.