Collin County Chapter 13 Bankruptcy Attorney
If you wish to file bankruptcy in Texas, it helps to have the right attorney on your side. Seeking debt relief can be a challenging journey, especially if you are unsure about where to start. Consulting with a reputable Chapter 13 bankruptcy lawyer can make all of the difference; you can have a single point of contact to address multiple issues.
The Page Law Firm of Frisco, Texas, led by Théda Page, is a respected bankruptcy practice dedicated to helping people resolve difficult financial circumstances. For more than 25 years, Théda has wholly committed herself to providing personalized, attentive service to tackle some of life's most challenging scenarios. If you plan to file for Chapter 13, she can help you review your decision so that you can choose the best possible options.
Chapter 7 or Chapter 13?
If you search for information about filing for bankruptcy, you may notice that there are several types of bankruptcy. Before choosing which option is best-suited for your circumstances, it helps to know your options. Théda will use tools to help you determine your eligibility for filing Chapter 7 or Chapter 13. The chart below provides a brief comparison.
|Type of Bankruptcy||Chapter 7||Chapter 13|
|Eligibility||The Means Test determines eligibility.||The Means Test is not required, but a disposable income test is usually performed.|
|Asset Handling||Nonexempt assets are liquidated; creditors are paid with capital from the asset sales.||Assets are not liquidated.|
|Debt Management||No payment plan. Eligible unsecured debts are discharged (canceled).||Payment plan with more time to pay debts that cannot be discharged.|
|Length of bankruptcy commitment||In general, between 90 and 100 days before debts are discharged.||Based on the terms of your payment plan, it can last from three to five years.|
|Protections||Immediate protection from IRS wage garnishment and creditor harassment. Temporary protection from foreclosure.||Immediate protection from wage garnishment, foreclosure, and creditor harassment.|
Of the two, Chapter 13 can be more complex, but an experienced attorney knows how to navigate the process and address issues that may surface. Théda has helped many clients successfully file Chapter 13 bankruptcy and is pleased to offer her support in Collin and Denton Counties.
Understanding the Chapter 13 Bankruptcy Filing Process
Chapter 13 is a way of readjusting debts to allow a debtor to pay them over time. It also enables the protection of property from creditors. In short, as long as a person remains compliant with the terms of the debt repayment agreements, they can successfully complete the plan. As with any type of bankruptcy, there are advantages and disadvantages, but Théda will thoroughly explain your options. The Chapter 13 bankruptcy process includes:
- Filing a petition with the bankruptcy court in your jurisdiction.
- Providing full disclosure of assets and liabilities.
- Sharing current income and expense information.
- Preparing a repayment plan.
- Providing several years of filed tax returns and other relevant financial data.
Before you may file for bankruptcy, you must complete required credit counseling. Additionally, once you complete your debt repayment, you will need to complete financial management training. These tools will hopefully help you to avoid bankruptcy in the future.
Work with a Chapter 13 Bankruptcy Lawyer Today
To file Chapter 13, contact our trusted bankruptcy lawyer today. Call 214-618-2101 to schedule a complimentary consultation to discuss your options. Our Frisco, Texas firm serves Collin County, Denton County, The Colony, Little Elm, Prosper, Celina, Plano, Carrollton, Lewisville, Flower Mound and McKinney. We look forward to sharing beneficial information with you.