how to start filing chapter 13 with an attorney tx

Step 1: Collect your documents. Step 2: Analyze your debt. Step 3: Take inventory of the property you have. Step 4: Create a budget and figure out the status of your income. Step 5: Take the first credit counseling course. Step 6: Fill out and complete your bankruptcy forms. Step 7: File your Chapter 13 Bankruptcy petition and pay the filing fee.

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What are the pros and cons of Chapter 13 bankruptcy?

Before you meet with a lawyer, you should understand the basic steps of filing for Chapter 13 so you know what to expect. This a simple outline of the Chapter 13 process in Texas: File Your Petition In Court. The first step is to go to the nearest courthouse and file your petition for …

Can you file Chapter 13 bankruptcy online yourself?

May 20, 2020 · You must enter all of your financial data and be able to give the court a full and accurate picture of your financial situation. Part of filling out the bankruptcy forms in a Chapter 13 case is also drafting your Chapter 13 repayment plan. Step 7: File your Chapter 13 Bankruptcy petition and pay the filing fee.

What is Chapter 13 bankruptcy in Texas?

Dec 08, 2017 · Bankruptcy is a tool that can help you manage your debts and regain control of your finances. If you have enough disposable income that you can make reasonable payments on your debts, then Chapter 13 can provide you with a solution. Call Allmand Law Firm, PLLC today at 214-884-4020 to find out how a Chapter 13 bankruptcy attorney can help you.

Why file Chapter 13 bankruptcy?

Sep 19, 2020 · To complete your Chapter 13 bankruptcy successfully, it is necessary to create a strict budget and stick to it. Make a list of your current expenses and think about what you can realistically cut out. For example, maybe you cut your cable bill or stop going out to eat at restaurants as frequently.

How do you fill out a Chapter 13 plan?

What Are The Steps to Filing A Chapter 13 Bankruptcy?Step 1: Collect your documents. ... Step 2: Analyze your debt. ... Step 3: Take inventory of the property you have. ... Step 4: Create a budget and figure out the status of your income. ... Step 5: Take the first credit counseling course.More items...•5 days ago

How much does it cost to start a Chapter 13?

$2,500 to $6,000Average costs Fees for a Chapter 13 filing generally range from $2,500 to $6,000, but you don't usually have to pay the entire fee upfront. You may be able to pay part of it before you file and cover the rest through your debt-repayment plan.Jul 16, 2020

What are the repercussions to filing Chapter 13?

Although a Chapter 13 bankruptcy stays on your record for years, missed debt payments, defaults, repossessions, and lawsuits will also hurt your credit and may be more complicated to explain to a future lender than bankruptcy.Apr 2, 2021

What happens if my income increases during Chapter 13?

An Increase in Income During Chapter 13 The amount you are required to pay towards your debts is based on your income minus your necessary expenses, such as rent or a mortgage payment, utilities, transportation, food, and medical care. Essentially, you will pay all of your disposable income toward your liabilities.

What is the difference between Chapter 7 11 and 13?

Chapter 7 bankruptcy doesn't require a repayment plan but does require you to liquidate or sell nonexempt assets to pay back creditors. Chapter 13 bankruptcy eliminates qualified debt through a repayment plan over a three- or five-year period.Jun 2, 2021

How much is a chapter?

How much does it cost to file for bankruptcy?Chapter 7Chapter 13Filing fees$338$313Attorney fees*$500 - $3,500$1,500 - $6,000Total$838 - $3,838$1,813 - $6,313

What is the average monthly payment for Chapter 13?

about $500 to $600 per monthThe average payment for a Chapter 13 case overall is probably about $500 to $600 per month. This information, however, may not be very helpful for your particular situation. It takes into account a large number of low payment amounts where low income debtors are paying very little back.May 16, 2018

Does Chapter 13 trustee check your bank account?

Does Chapter 13 Trustee Check Your Bank Account? Yes, it's highly likely that your appointed trustee will check both your personal bank accounts and any business-related bank accounts which you may have under your name.Jan 23, 2022

Does filing Chapter 13 affect your tax return?

The Chapter 13 Trustee will not complete or file your tax returns for you. If your tax returns have not been filed or become delinquent during the course of your Chapter 13 plan, you may lose the protection of the Bankruptcy Court as your case may be dismissed.

Does trustee check your bank account?

Please be aware that your trustee does not have access to your personal account. A separate account is opened to manage your bankrupt estate.

Can I put money in savings while in Chapter 13?

Generally speaking, the funds you have in your bank accounts are safe when you file for Chapter 13 bankruptcy. Debtors filing for Chapter 13 bankruptcy ordinarily do not have to worry about what will happen to their checking or savings accounts.

Can I go on vacation while in Chapter 13?

Vacations. Can you go on vacation during Chapter 13? The simple answer is yes.Oct 16, 2021

How much does it cost to file a Chapter 13?

The filing fee for a Chapter 13 case is $313. You’ll need to pay the full amount directly to the court when you go to file your forms. There is no fee waiver option when filing a Chapter 13 case like there is with a Chapter 7. Make sure to also print out the exact number of copies your local bankruptcy court requires.

How long do you have to pay Chapter 13?

The first payment is due within 30 days after you file your bankruptcy forms.

What is considered unsecured debt?

Unsecured debts include credit card debts, medical bills, payday loans, and any other debt not attached to a specific piece of property. The next step in analyzing your debts is to determine which debts are priority debts and which debts are non-priority debts.

How many pages are there in a Chapter 13 bankruptcy?

This will most likely be the most time-consuming step of the bankruptcy process. The forms ask you about everything you make, spend, own and owe. There are 23 separate forms, totaling roughly 70 pages in your Chapter 13 petition. You must enter all of your financial data and be able to give the court a full and accurate picture of your financial situation. Part of filling out the bankruptcy forms in a Chapter 13 case is also drafting your Chapter 13 repayment plan.

Why is Chapter 7 bankruptcy important?

Arguably, Chapter 7 bankruptcy gives you the biggest benefit because it allows you to wipe away your debts completely without having to repay any amount to your creditors. Even still, your goals and personal circumstances may not warrant filing a Chapter 7 bankruptcy.

What is Chapter 13 bankruptcy?

Chapter 13 bankruptcy is often referred to as a “wage earner’s bankruptcy” or a “reorganization”. In contrast to a Chapter 7 bankruptcy, a Chapter 13 requires you to repay a portion, or all of your debts back in order to successfully complete your case and receive a full discharge.

How long does a Chapter 7 bankruptcy last?

Another major difference between a Chapter 7 bankruptcy and a Chapter 13 is the duration of the case. A Chapter 7 case generally lasts for about 4 to 6 months, whereas a Chapter 13 case lasts for 3 to 5 years. During the 3 to 5 years you are in a pending Chapter 13 case, you will be making monthly payments to your assigned trustee.

Who is the bankruptcy attorney for Chapter 13?

Our founder, Attorney Reed Allmand , is certified in Consumer Bankruptcy by the Texas Board of Legal Specialization. Over the years, our firm has helped tens of thousands of individuals and families eliminate their debt and reset their financial health. Now, we are ready to help you.

What is the phone number for Chapter 13 bankruptcy?

Call Allmand Law Firm, PLLC today at 214-884-4020 to find out how a Chapter 13 bankruptcy attorney can help you.

What are the benefits of filing for Chapter 13?

Filing for Chapter 13 bankruptcy can have many benefits, including the following. You: 1 Will repay your debts over three to five years 2 May be able to remove a second or third mortgage 3 May be able to save your home from foreclosure 4 Can put an immediate end to creditor harassment 5 Can move forward with a fresh financial start

How long does it take to get credit counseling for Chapter 13?

Step #1: You must take a credit counseling course within 180 days of filing. Every person who files for Chapter 13 bankruptcy must complete an approved credit counseling course prior to filing for bankruptcy. You must take the course from an agency approved by the U.S. Trustee’s Office.

What is Chapter 13 bankruptcy?

Chapter 13 bankruptcy allows you to reorganize your debts so that you can avoid repossession and/or foreclosure. If you are receiving foreclosure notices or you have fallen behind on your mortgage, Chapter 13 could be a powerful tool to help you regain control of your finances. The moment you file for bankruptcy, ...

How much does it cost to take a credit counseling course?

The session will help you understand your situation and make sure you have income sufficient enough to repay creditors over time. The course may cost between $25 and $35, but that fee may be reduced or waived if you cannot afford it.

Do you have to pass a means test to file for Chapter 13?

Unlike Chapter 7 bankruptcy, you are not required to pass a “means test” in order to file for Chapter 13 bankruptcy; however, you should know that eligibility is still limited.

What is the best way to resolve debt?

Filing a Chapter 13 case may be the best option for you to resolve your debt issues. Filing under this chapter of the Bankruptcy Code can help you save your home, business and vehicles while eliminating or reducing your unsecured debts. Other chapters of bankruptcy do not offer the same protection for assets that Chapter 13 offers for individuals, and sole owner small businesses.

Is Chapter 13 bankruptcy more complex than Chapter 7?

Even though filing a Chapter 13 case is more complex than filing a Chapter 7 case and you must repay some of your debts back to your creditors through your bankruptcy plan, filing under Chapter 13 does have some advantages over filing a Chapter 7 case. For instance, in some cases, you can avoid jail time for past due alimony and child support payments by filing under Chapter 13 of the Bankruptcy Code. You can also stop foreclosure sales and repossessions and catch up payments over a 60-month plan to save your home, personal and real property business assets and car. You can also resolve tax issues by spreading out tax payments over 60 months. Disputed debts claimed by the IRS can be litigated in Bankruptcy Court rather than more expensive and time consuming U.S. District Court or Tax Court. In some cases, you can strip the lien of a second mortgage and pay pennies on the dollar to get rid of that second mortgage.

Can I file Chapter 13 bankruptcy?

Filing under Chapter 13 of the Bankruptcy Code gives you the opportunity to reorganize your debts into a manageable monthly plan, if you qualify. If you earn a steady income, even if you are self-employed, you are a contract employee, or you receive disability or Social Security income, you may be able to get your finances back on track by filing a bankruptcy petition. Through your Chapter 13 reorganization plan you can:

What Is Chapter 13?

Chapter 13 bankruptcy gives you the opportunity to adjust your financial affairs without having to liquidate (sell) current assets. Instead, you can make a payment through a Chapter 13 trustee to pay back creditors an equivalent amount (the same that they would have received in a Chapter 7 case) over a period of 3 to 5 years.

Automatic Stay

The most powerful relief that an individual can receive in Chapter 13 is the automatic stay. It is called automatic because that is exactly what it is — immediate relief from all collection activities and property seizures, including calls or harassment from creditors.

Create A Plan For Eliminating Your Debt

Attorney Bill Lively is highly experienced in helping individuals, families and business owners to successfully repay their debts and move forward. To schedule a free consultation with him, please call 903-920-0008 or fill out our online contact form.

What can you do with Chapter 13?

You can use Chapter 13 to prevent a house foreclosure ; make up missed car or mortgage payments; pay back taxes; stop interest from accruing on your tax debt (local, Texas state, or federal); keep valuable non-exempt property (see Texas exemptions ); and more.

What is Chapter 13 bankruptcy?

A chapter 13 bankruptcy allows them to make up their overdue payments over time and to reinstate the original agreement. Where a debtor has valuable nonexempt property and wants to keep it, a chapter 13 may be a better option.

What is Chapter 13 in Texas?

Chapter 13 is for people who have a regular income, ...

What is Chapter 13 bankruptcy?

Chapter 13 is for people who have a regular income, but need to have their debts reorganized so they can make payments on terms favorable to them, not the creditors. This type of bankruptcy filing can help you to get caught up on your mortgage or car payments without losing your property, and can even help with money owed to the IRS.

How long does it take to pay creditors in Chapter 13?

Under Chapter 13, we will help you with your plan to pay creditors over a 3- to 5-year period. This written plan details all the transactions that will occur during the duration of your repayment plan. Your creditors will no longer be able to attempt to collect on your debt except through the bankruptcy court.

How long does a Chapter 13 bankruptcy stay on your credit report?

A Chapter 13 bankruptcy stays on your credit report for 7 years from the date of filing, unlike a Chapter 7 bankruptcy, which stays on your credit report for 10 years from the date of filing. A bankruptcy might make credit less available and/or terms less favorable, although having too much debt can also have the same effect.

Can creditors collect on debts?

Your creditors will no longer be able to attempt to collect on your debt except through the bankruptcy court. In general, you’ll get to keep your property, and your creditors will end up with less money than they are owed.

How much is Chapter 13 in Texas?

The presumptive fee in the Western District of Texas is $3,600 for routine Chapter 13 cases that don’t involve a business. Different divisions in the district (which includes Austin, San Antonio, El Paso, and Waco) have issued orders that set other fees and describe the included services. For example:

How much does a Chapter 13 bankruptcy cost in Texas?

The fees our readers told us they paid—typically from $2,500 to $3,500 —fall in line with the maximum amounts recommended by the courts in Texas.

How to pay a lawyer's fee in bankruptcy?

The most common way of paying a lawyer’s flat fee in Chapter 13 bankruptcy is to make an initial down payment (or “retainer”) before the bankruptcy petition is filed, with the remainder of the fee included in your monthly payments under the repayment plan.

What is a no look fee?

If your lawyer agrees to represent you for the presumptive amount or less, the court will automatically approve the fee without looking at the specific circumstances of the case —which is why it’s sometimes called a “no look” fee.

Which Texas district requires disclosure of fixed fees?

A local rule in the Southern District of Texas (which includes Houston, Galveston, and Corpus Christi) requires a disclosure form that lists the services included in fixed fees up to:

Is Chapter 13 bankruptcy complicated?

Chapter 13 bankruptcy is complicated, and there can be serious financial consequences if you make a mistake. So it’s not surprising that all of our Texas readers hired a lawyer to help them through the process of filing for Chapter 13. It’s also not surprising that none of them paid their lawyers an hourly fee, ...