Chapter 13 Repayment Plan Lawyers in Houston

Experienced Support For Chapter 13 Repayment Strategies

At Grand Law Firm, we prioritize client-focused business operations and treat each client with respect, so you never feel like "just another case." Our professional staff in Houston will make sure you understand the options that may be available to you and keep you updated throughout the Chapter 13 repayment plan process. We are committed to listening to your desired outcome and collaborating with you to meet your financial objectives. For individualized assistance and guidance, contact our Texas bankruptcy law firm to schedule a free consultation.

Are you considering filing for bankruptcy? Contact Grand Law Firm at (504) 608-5208 to schedule a free consultation with our Houston Chapter 13 repayment strategies attorneys.

How Do Chapter 13 Repayment Plans Work?

Through bankruptcy, individuals and corporations can repay or completely remove their debts while being protected by the bankruptcy court. Chapter 7 and Chapter 13 are the most prevalent forms of bankruptcy for individuals. Chapter 7 is referred to as a liquidation bankruptcy while Chapter 13 is known as bankruptcy that reorganizes your debts.

When you declare Chapter 13 bankruptcy, you will submit a three to five-year repayment plan for your obligations. The length of your plan and the monthly payment amount will be determined by your obligations and income. Chapter 13 is commonly referred to as a "wage earner's plan" since it is intended for people who generate a regular income.

Your remaining unsecured debts will be discharged once you have completed your repayment plan. This implies you will no longer be legally required to pay them. Certain priority debts, such as child support, alimony, and most tax payments, will not be discharged after your plan.

How Much Will My Monthly Payment Be in Chapter 13 Bankruptcy?

Filing for Chapter 13 involves creating a repayment plan for your remaining debts. This plan typically spans three to five years, contingent upon your income and debt levels. Monthly payments are made to a bankruptcy trustee, who is responsible for distributing these funds to your creditors accordingly.

Your income and expenses determine the monthly payment amount for your Chapter 13 plan. Your disposable income, which is the money left over after covering reasonable and essential expenses, determines how much you will have to pay each month toward your repayment plan.

It is important to remember that certain expenses are not considered reasonable and necessary for the purposes of the means test. For example, if you have a car payment for a luxury vehicle, the court may not consider the payment reasonable and necessary. This means that the payment will not be deducted from your income when calculating your disposable income.

Our experienced bankruptcy attorneys can help you propose a repayment plan that you can afford and that will satisfy the requirements of the bankruptcy court.

Contact Us For Expert Counsel

Are you thinking of declaring bankruptcy? Do you have any questions concerning Chapter 13 repayment schedules? Our Houston bankruptcy repayment plan attorneys are prepared to assist you. Do not hesitate to reach out and schedule a consultation -- we can evaluate your case and determine if Chapter 13 is an option that will work for you.

Contact Grand Law Firm at (504) 608-5208 to schedule a free consultation with our Houston bankruptcy repayment plan attorneys.