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If you live in or near or Dallas, and need to immediately stop foreclosure on your home, repossession of your automobile, eviction from your apartment, or garnishment of bank accounts or salary from your job, Federal Bankruptcy Law provides help called Chapter 13.

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.

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. In general, you’ll get to keep your property, and your creditors will end up with less money than they are owed.

You’ll be allowed to get caught up on your payments—mortgage, car loan, and more—without the threat of foreclosure or repossession, and you’ll be allowed to keep both exempt and nonexempt property. Your property is protected from seizure from creditors, including mortgage and other lien holders, as long as the proposed payments are made and necessary insurance coverages remain in place.

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.

Attorney Andrew Nichols has helped thousands of people for over 25 years with Chapter 13 bankruptcy. Attorney Andrew Nichols with you at no cost to help determine the correct approach to solving your debt problems. Attorney Andrew Nichols can help you learn whether you qualify for a Chapter 13 bankruptcy—or whether bankruptcy is the right answer for you. We will help you ensure all requirements are fulfilled so the bankruptcy goes smoothly and your assets are safe.

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