Since the beginning of the 20th century, there has been a slow moving and radical change in the economic landscape. At the beginning of the last century, the prospect of using credit to make significant purchases was not broadly considered or even possible. Nowadays, however, there are many parts of modern life that would be unthinkable without relying on credit or loans. Unfortunately, disruptions to one's income stream or unexpected expenses can leave an individual unable to make payments pursuant to the established agreements.
Chapter 13 Bankruptcy in League City, Texas
If you have found yourself in the position of being faced with a seemingly insurmountable debt load, then bankruptcy might offer the best solution to your present struggles. Contact the League City Chapter 13 bankruptcy lawyers of Gipson, Norman & Root at 888-512-6044 to schedule a free 30 min. consultation.
Chapter 13 Bankruptcy Considerations
There are different forms of bankruptcy protection available, and each is intended to address a separate kind of financial distress. A skilled and experienced bankruptcy attorney can help you to identify the best option for you. Here are some basic guidelines to keep in mind about Chapter 13 bankruptcy:
- There is to be no creditor-debtor contact during the bankruptcy period
- No new foreclosure proceedings can begin and no existing ones may continue
- Unemployed individuals are not eligible and neither are corporations
- Payments are to be made pursuant to a 3-5 year payment plan
- A bankruptcy filer's assets do not have to be liquidated
It would be impossible for you to make the best decisions regarding your current financial struggles without being properly informed about your options. Let us help you to find your way forward. Contact the League City Chapter 13 bankruptcy lawyers of Gipson, Norman & Root at 888-512-6044.