Chapter 13 Bankruptcy Attorney Lawyer

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Bankruptcy calls to mind images of empty homes and selling cars, furniture, and valuable belongings to pay off debts. While Chapter 7 bankruptcy (or liquidation bankruptcy) might be a great option for some people, it may not be acceptable for others. If this is the case for you, then consider filing for Chapter 13 bankruptcy in Houston with the Guzman Law Firm.

By filing under Chapter 13, you’ll be able to stop any foreclosure proceedings and reorganize your debts into one regular monthly payment. Any delinquent payments for secured debts (homes, cars, leased equipment) can also be included in the payment plan, and can reschedule your repayment over the course of the plan. The most important benefit of Chapter 13 bankruptcy is that you’ll be able to keep your home—there’s no need to liquidate your assets or pay off debts quickly.

Are You Eligible for Chapter 13 Bankruptcy?

The point of filing for Chapter 13 is to provide you with some “breathing room” with regard to your debt. By reorganizing your loans into a 3 or 5-year plan with a single, regular monthly payment, you are able to take back control of your debt and rebuild your credit. Chapter 13 is also known as the “wage earner’s plan” because it is suited for people with a regular income.

Eligibility for Chapter 13 bankruptcy includes:

  • Proof of wages enough to cover your monthly payment
  • No more than $1.15 million in secured debts (including mortgage)
  • No more than $383,175 in unsecured debts (credit cards, student loans, etc.)

However, keep in mind that under Chapter 13, all secured debts must be paid on time during the bankruptcy period. After the 5 year period, remaining debt may be discharged if not paid back in full. By extending the life of your loans over 5 years, individuals are able to lower their monthly payment and make their debt repayment more manageable.


If you would like to learn more and schedule a free consultation, please give us a call today at (713) 338-9009!


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