Life's financial curveballs can strike without prior notice and sideline you from paying bills, debts, and meeting other financial obligations. In such circumstances, filing for bankruptcy may be one of the most viable legal options for you to achieve immediate relief from your financial stress. If you are experiencing financial adversity and considering filing bankruptcy, consulting with a knowledgeable Texas bankruptcy attorney is crucial so that you can receive detailed legal guidance and support.
Our experienced attorneys at Oliva Law Bankruptcy are dedicated to providing comprehensive legal services and guiding clients through the complex procedures surrounding Chapter 13 bankruptcy. As your legal counsel, we will review the details of your case and help you understand all of the legal options that you have available to you. Our team will offer you the reliable legal counsel and advocacy that you need to navigate the complexities of your bankruptcy proceedings.
Oliva Law Bankruptcy is a firm that proudly serves clients across McAllen, Corpus Christi, Harlingen, Brownsville, and throughout the Rio Grande Valley, Texas.
Chapter 13 bankruptcy, often referred to as "repayment plan" bankruptcy, is a debt relief option that offers immediate relief to individuals who earn regular income but are experiencing financial stress. Through a chapter 13 plan, you will get three to five years to recover on past-due payments. At the end of the plan, some of your unsecured debt may be discharged.
Chapter 13 is an ideal debt relief option when:
Filing for Chapter 13 bankruptcy can help individuals in the following ways:
Chapter 13 will not do the following:
To be eligible for Chapter 13, your secured debts and unsecured debts must not exceed certain amounts. According to U.S. Code Title 11 Bankruptcy Section 109 (11 U.S.C. § 109(e)), an individual with regular income, be it self-employed or operating an unincorporated business, is eligible for chapter 13 bankruptcy as long as:
However, these amounts are adjusted occasionally to reflect any changes in the consumer price index.
When filing your bankruptcy forms, you will be required to tender a certificate showing that you received the mandatory credit counseling education from a U.S Trustee approved agency in Texas. This session will help determine whether you have enough income to repay your creditors. Upon filing your case, you will take a second "debtor education" course.
Filing for Chapter 13 requires you to propose a repayment plan. However, before your plan can be approved by the court, you must:
The repayment plan is a major component of the Chapter 13 case. This will be proposed to your creditors and the court. The repayment plan must take all your debts into account. Both the bankruptcy trustee (an independent contractor appointed by the court to oversee your bankruptcy) and your creditors may object to your plan. Upon making required changes to the satisfaction of everyone involved, the Texas court will likely approve your plan during the confirmation hearing.
The confirmation hearing is designed to confirm the following:
According to the American Bankruptcy Institute, in 2019, there were 35,069 bankruptcy cases in Texas, of which approximately 16,460 were Chapter 13 filings. These people didn't go through this process alone, and neither should you. If you are considering filing for Chapter 13 bankruptcy, it is crucial that you consult with a knowledgeable Texas bankruptcy attorney to protect your rights and for proper guidance.
For more than 15 years, Oliva Law Bankruptcy has been offering experienced legal services to clients for all bankruptcy-related matters. As your legal counsel, we will review every aspect of your case, help you understand your possible options, and determine whether or not, Chapter 13 is the right debt relief option for your unique situation. Our attorneys can offer you the comprehensive legal counsel and advocacy you need to navigate the complexities of Chapter 13 bankruptcy.
If you're experiencing financial adversity and considering filing for bankruptcy, contact Oliva Law Bankruptcy today to schedule a free one-on-one consultation. Attorney Marcos Oliva and his experienced legal staff can provide you with the detailed legal guidance and reliable representation you need throughout every step of your bankruptcy proceedings. We're proud to represent clients in McAllen, Corpus Christi, Harlingen, Brownsville, and throughout the Rio Grande Valley, Texas.