There are few situations more harrowing than trying to contend with an onslaught of letters and phone calls from aggressive debt collectors. The anxiety that this brings creates an unhealthy emotional strain on a person and can have adverse effects on his or her physical health and interpersonal relationships. But bouts of serious illness or accidents that necessitate medical care, in addition to other life events, can render a well-intentioned person suddenly unable to keep up with financial obligations that were previously manageable.
Chapter 13 Bankruptcy in Alvin, Texas
If you are employed and expect to continue receiving steady income, a Chapter 13 bankruptcy may offer you the relief that you need to escape finance-related stress while you continue to repay the money that you owe. To learn more about the possible advantages of a bankruptcy filing in your situation, contact the Alvin Chapter 13 bankruptcy lawyers of Gipson, Norman & Root at 888-512-6044 to schedule a free 30 min. consultation.
Details of Chapter 13
Each chapter of the United States Bankruptcy Code contains provisions that are designed to address different debt situations and the needs of different debt-laden persons or entities. Chapter 7 bankruptcy, for example, is commonly referred to as a "liquidation" bankruptcy because it calls for the bankruptcy filer to sell off some assets and to distribute the proceeds from that sale to creditors in order to satisfy the debts. Some important details of Chapter 13 bankruptcy protection are:
- It is for wage-earning individuals only
- It does not require the sale of assets
- A debtor proposes repayment of debts over a 3-5 year span (income dependent, in some measure)
- Foreclosures can be halted
- There is no debtor-creditor contact during the bankruptcy plan
There is no reason to endure this ongoing financial worry. For the assistance and information you need, contact the Alvin Chapter 13 bankruptcy lawyers of Gipson, Norman & Root at 888-512-6044.