Chapter 13 Bankruptcy

The Clear Lake and Galveston bankruptcy lawyers of Gipson and Norman understand that bankruptcy may be your only chance to overcome overwhelming debt. If you’re close to facing foreclosure and are constantly being called by creditors and collection agencies, Chapter 13 bankruptcy may be the solution to your financial hardships. Chapter 13 differs from other bankruptcy options because it allows the debtor to stop collection agencies efforts and to create a plan to pay off debt in a reasonable amount of time. Chapter 13 does not require a debtor to liquidate assets and provides a maximum of 5 years for the debtor to repay their debts. The new repayment plan often allows a debtor to pay back their debt with little to no interest and requires that payments begin within 30 to 45 days after the case has started. Very often not all debt is repaid, and the debtor receives a discharge of part of their unsecured claims. Chapter 13 cases are often filed to protect a home or a car and stop foreclosure or repossession.

As with any legal process, it is important to have an attorney to ensure the protection of your rights. Bankruptcy cases can often be very complicated and a skilled attorney has the ability to guide you through the proceedings and answer any of your questions. In order to be eligible for chapter 13 bankruptcy, you must have a regular income. Other restrictions and requirements may vary by state. Consult with an attorney to ensure that you meet all of the requirements before pursuing chapter 13 bankruptcy. If you are buried under debt that you would like to repay, but are unable to, contact a lawyer immediately to discuss your legal options and learn which type of bankruptcy may be right for you. Please visit our downloads page for detailed information about Chapter 13.

The law office of Gipson and Norman are dedicated to serving clients in the Galveston and Clear Lake area who are struggling with financial problems. The Galveston and Clear Lake board certified bankruptcy lawyers of Gipson and Norman are dedicated to providing the legal services needed to protect our clients’ rights during complex bankruptcy proceedings and share 57 years of legal experience. For more information about the exceptional services that we provide or to schedule your free initial consultation, contact the Clear Lake office at 281-332-4800 or Galveston office at 409-765-6000 or toll free at 1-800-291-0898.