Law Office of Rick J. Deal, P.C.
Law Office of Rick J. Deal, P.C.
Chapter 13 Bankruptcy Lawyer in Conroe, Texas
Chapter 13 bankruptcy can help you stop foreclosure, catch up on missed mortgage payments, protect your property and reorganize debts into a manageable repayment plan. As a Chapter 13 bankruptcy lawyer Conroe TX residents can turn to, I can help you determine whether Chapter 13 is the right way to protect your property and regain control of your finances.
Chapter 13 combines many of your financial obligations into a court-approved repayment plan. You make regular payments to the Chapter 13 trustee, who distributes the money to creditors according to the terms of your confirmed plan.
What is Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows individuals with regular income to reorganize their debts through a court-approved repayment plan. Instead of eliminating debt immediately, Chapter 13 generally allows you to make payments over three to five years while protecting your property and addressing debts such as mortgage arrears, vehicle loans, taxes and unsecured debt.
Wondering whether Chapter 13 may be right for you? I can review your income, debts, property and circumstances and explain your options.
Chapter 13 Bankruptcy in Texas
Your Chapter 13 payment depends on several factors, including your income, expenses, property, mortgage arrears, vehicle loans, taxes and other debts. You do not necessarily have to repay all unsecured debt in full.
Chapter 13 may be an option if you need to stop a foreclosure, catch up on mortgage payments, protect property, address vehicle or tax debt, or reorganize debts into a payment you can manage.
Can Chapter 13 Help Me Save My Home
If you are behind on your mortgage and facing foreclosure, Chapter 13 may allow you to keep your home and catch up on missed payments over time.
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Filing Chapter 13 generally triggers the automatic stay, which can stop a pending foreclosure while the bankruptcy case is in effect. Your past-due mortgage payments can often be included in your Chapter 13 plan and paid over three to five years while you resume making your regular mortgage payments.
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Chapter 13 may also provide options for dealing with other debts that are making it difficult to keep your mortgage current. The right solution depends on your income, mortgage
balance, arrears, other debts and financial circumstances.
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If your home is in foreclosure, timing matters. I can review your situation and explain whether Chapter 13 may help you protect your home.
STOPPING FORECLOSURE WITH CHAPTER 13
Do I Qualify for Chapter 13 Bankruptcy
Chapter 13 is generally available to individuals with regular income who have enough income to make the required Chapter 13 plan payments. Unlike Chapter 7, qualifying is not primarily determined by whether your income is above or below the Texas median income.
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Your proposed plan must meet certain requirements under bankruptcy law. The amount you are required to pay can depend on your income and expenses, the property you own, mortgage or vehicle arrears, taxes, secured debts and the amount that must be paid to unsecured creditors.
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Chapter 13 can be particularly useful when you have enough income to meet your ongoing expenses but need time to catch up on past-due obligations or restructure other debts.
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I will review your income, expenses, debts and property to determine whether Chapter 13 is feasible and what your estimated monthly plan payment may be.
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Not sure whether you qualify? I can review your financial situation and estimate what a Chapter 13 plan may look like for you.
CHAPTER 13 ELIGIBILITY
CHAPTER 13 PROCESS
How Does the Chapter 13 Process Work?
Chapter 13 involves creating and completing a court-approved repayment plan. I will guide you through each stage, from preparing and filing your case through confirmation of your plan and, ultimately, your bankruptcy discharge.
01 --Â Prepare and File Your Case
We review your income, expenses, debts, property and financial documents and prepare your bankruptcy petition, schedules and proposed Chapter 13 plan. Once everything has been reviewed and signed, your case is filed with the Bankruptcy Court.
02 --Â The Automatic Stay Begins
Filing Chapter 13 generally triggers the automatic stay, which stops most collection activity. This can stop a pending foreclosure, repossession, lawsuits, garnishments and creditor calls while your bankruptcy case is pending.
03 — Creditor Meeting & Plan Confirmation
You will attend a brief meeting with the Chapter 13 trustee, commonly called the 341 meeting. Your proposed repayment plan will also be reviewed by the trustee and Bankruptcy Court. I will prepare you for these proceedings and represent you throughout the confirmation process.
04 — Complete Your Plan & Receive Your Discharge
After your plan is confirmed, you continue making the required payments for the duration of your plan, generally three to five years. After you complete the plan and other required steps, eligible remaining debts are discharged.
Ready to find out what a Chapter 13 plan could look like for you? I can review your situation and explain the process, estimated payment and your options.
Every case is different. I can review your debts and explain how each obligation may be treated in a Chapter 13 plan and what debts may remain after your case is completed.
What Debts Can Chapter 13 Help Me Manage?
CHAPTER 13 DEBT RELIEF
Chapter 13 can provide options for dealing with many different types of debt. Some debts may be paid through your repayment plan, while certain unsecured debts may not have to be paid in full and may be discharged when you successfully complete your case.
Debts That Require Special Treatment
— Child support and alimony
— Certain tax debts
— Most student loans
— Secured debts on property you want to keep
— Debts arising from fraud or certain intentional misconduct
— Certain fines, penalties and other nondischargeable debts
Debts Chapter 13 Can Help Address
✓ Past-due mortgage payments
✓ Vehicle loans and repossession arrears
✓ Credit card debt
✓ Medical bills
✓ Personal loans
✓ Collection accounts
✓ Certain income tax debts
✓ Many lawsuit judgments
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How Long Does Chapter 13 Last?
Chapter 13 repayment plans generally last three to five years. The required length of your plan depends on your circumstances and the requirements of bankruptcy law.
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After you complete the required plan payments and other requirements, eligible remaining debts are discharged.
Find Out What Your Chapter 13 Payment May Be
Schedule a free consultation. I can review your financial situation, estimate your Chapter 13 plan payment and explain what you would need to pay before filing.
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How Much Will My Chapter 13 Payment Be?
There is no standard Chapter 13 monthly payment. Your payment depends on your income, expenses, property and the debts that must be addressed through your plan, which may include mortgage arrears, vehicle debt, taxes, attorney's fees and other obligations.
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I will calculate an estimated Chapter 13 payment after reviewing your financial circumstances and explain how that payment is determined.
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What Other Costs Are Required?
Bankruptcy Court Filing Fee — $313
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Credit Reports — $27 per person
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Required Courses — Approximately $50 total for the required pre-filing credit counseling and post-filing financial management courses.
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Chapter 13 Attorney's Fee
$5,000 Standard Chapter 13 Attorney's Fee
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My standard attorney's fee for a Chapter 13 case is $5,000. A portion is paid before filing, with the remaining attorney's fee paid through your Chapter 13 repayment plan.
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For debtors with gross self-employment income exceeding $10,000 per month, the attorney's fee is $6,000.
Additional fees may apply if a case requires legal services outside the standard Chapter 13 representation, as explained in the Representation Agreement.
The amount required before filing varies from case to case. The amount you will need to pay before your Chapter 13 case is filed depends on your circumstances. Factors can include whether you are employed, self-employed, retired or unemployed, whether you have recently had another bankruptcy case dismissed, and the circumstances requiring you to file. I will explain the amount required before filing during your consultation so you know what will be required before you decide to proceed.
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How Much Do I Need to Pay Before Filing?
CHAPTER 13 COST & TIMELINE
How Much Does Chapter 13 Cost?
I believe you should understand the cost of filing Chapter 13 and how your attorney's fees are paid before you decide to file. Unlike Chapter 7, a substantial portion of the attorney's fee in a Chapter 13 case can be paid through your Chapter 13 plan rather than entirely before your case is filed.