Chapter 13 Bankruptcy in Texas
Making the decision to file for bankruptcy is one of the most difficult choices you can make in your personal life. But when you are facing financial hardship it is important to know that the option of bankruptcy exists. There are a variety of types of bankruptcies that can be filed, each with a unique purpose or applicability. One common form is Chapter 13 bankruptcy, commonly used by individuals and sole proprietors.
If you or someone you love is considering filing for bankruptcy, it is important you discuss your options with an experienced legal professional. The practiced Galveston bankruptcy lawyers of Gipson, Norman & Root can give you the support and assistance you need as you make these difficult decisions. Contact our office at 281-332-4800 to learn more about your options from one of our experienced attorneys today.
Components of Chapter 13 Bankruptcy in Texas
Chapter 13 bankruptcy has the following requirements:
- All or part of the debt owed must be paid off in a period of three to five years
- Individuals must have no more than $1,010,650 in secured debt
- Individuals must have no more than $336,900 in unsecured debt
- Individuals filing for Chapter 13 bankruptcy must have a stable source of income, including disposable income
If these requirements are met, the court will decide the specific provisions of your bankruptcy case and other components of your filing.
Contact Us
Financial hardship can be a burden on your work relationships, you personal relationships, and your overall happiness and wellbeing. That is why it is important you seek assistance when making the decision of whether or not to file for bankruptcy. The experienced Galveston bankruptcy lawyers of Gipson, Norman & Root can give you the legal assistance you need and deserve. Contact our office today at 281-332-4800 to discuss your situation with one of our friendly attorneys.
