Harris and Fort Bend County Debt Repayment Attorneys in Houston

Stop Foreclosure Through Chapter 13 Bankruptcy

When complete liquidation is not an option for those facing mounting debt, filing bankruptcy under a Chapter 13 repayment plan can help prevent the loss of a home. At the Houston law office of Adair & Myers, PLLC, our Texas bankruptcy firm allows individuals and businesses to find bankruptcy protection while they repay outstanding creditor claims in good faith.

For legal help from our Texas bankruptcy law firm that can help you get back on sound financial footing with creditors, contact us today.

Qualify under Chapter 13 and Save Your Home

Known as the wage earner's plan, Chapter 13 Bankruptcy allows those with an income to adjust outstanding debt and make installment payments over time. Anyone is eligible for Chapter 13 debt relief if secured and unsecured debt is less than established amounts, even those self-employed or operating unincorporated businesses.

Filing for bankruptcy under Chapter 13 also establishes an automatic stay against creditors which prevents them from taking any collection action against the debtor or their property. A stay will stop foreclosure on a home while you resolve past-due mortgage payments and regular payments continue.

Resolving Creditor Claims

While a debtor must file a repayment plan where a court-appointed trustee distributes disposable funds to creditors according to its terms, creditors may still receive less than full payment depending on the type of claim they have:

• Priority claims are paid back in full with few exceptions and include most taxes and bankruptcy process costs
• Secured claims are those where collateral secures the debt such as bank loans for a home or car, which creditors have a legal right to reclaim
• Unsecured claims are debt obligations such as credit card debt, that may not be paid back in full if creditors receive as much as if debtor assets were liquidated under Chapter 7

If you are a business owner, your defined disposable funds will exclude any amount required for ordinary operating expenses.

Call Our Texas Bankruptcy Law Firm: 713-568-1397

For sophisticated legal advice and assistance, contact the Houston Chapter 13 bankruptcy attorneys at Adair & Myers.