Clear Lake City Chapter 13 Bankruptcy Lawyers
Taking on financial debt has become a functional requirement in modern American life. Developing a positive credit history is a key step on the road to home ownership, obtaining a desirable apartment, gaining access to favorable lending terms, and even being successfully considered for some job opportunities. Yet the financial uncertainty of these economic times coupled with the rapidly rising cost of medical care in this country creates a substantial likelihood that an individual or family could become suddenly unable to meet existing financial obligations.
Chapter 13 of the United States Bankruptcy Code offers people who are presently employed the opportunity to escape from the pressures of aggressive collection efforts while restructuring the repayment agreements that they have established. Contact the Clear Lake City Chapter 13 bankruptcy lawyers of Gipson, Norman & Root at 800-291-0898 to schedule a free initial consultation.
Chapter 13 Filing Requirements
Typically, one of the primary misconceptions about bankruptcy is that it will require a debtor to surrender his or her assets. Though this is in some measure true for Chapter 7 bankruptcy, it is not true for Chapter 13.
Some of the filing requirements for Chapter 13 are:
- A filer may not be a corporate interest and can only be a private individual
- Chapter 13 does not require the liquidation of assets
- Debts are not discharged by Chapter 13 bankruptcy and instead the filer has the opportunity to propose a 3-5 year repayment plan
- Foreclosures may not proceed during a Chapter 13 bankruptcy
- All collection efforts must cease during the bankruptcy period
Contact Us
Living under a cloud of lingering financial distress can adversely affect your physical and mental health, as well as your family relationships. There is no need to continue down that path. Contact the Clear Lake City Chapter 13 bankruptcy lawyers of Gipson, Norman & Root today at 800-291-0898.
