Chapter 13 Bankruptcy Plano, TX: What to Expect When Filing

Chapter 13 Bankruptcy Plano TXWhen a person becomes unable to keep up with their bills, they have the option of filing for Chapter 13 Bankruptcy in Plano, TX. It’s possible to fall on such hard times and have so much difficulty making ends meet, that someone can feel like the bills will never stop suffocating them. Some people decide to file for bankruptcy as a way to protect their current possessions, get relief from the current bills, and make a fresh start. You may be considering filing for bankruptcy but are unsure what it will entail. Here are a few things you can expect when filing for Chapter 13 Bankruptcy in Plano, TX.

  • Decreases high medical bills that you cannot pay. Debtors are expected to pay their medical bills when filing for Chapter 13, but it likely that they will only pay a portion of the balance. You agree to a payment plan and after all of your payments have been made, whatever is left over could be wiped out and you will no longer be obligated to pay it.
  • Prevents your home from being foreclosed on. When you file for Chapter 13, it allows you to find a repayment plan that lasts three to five years and lets you get up-to-date on your payments and keep your home.
  • Prevents your vehicle from being repossessed. Chapter 13 puts a stop to repossession and gives debtors a chance to make payments over time and pay off what the car is worth and the loan that may have been taken out to purchase the vehicle.

Chapter 13 Bankruptcy in Plano, TX: Collins & Arnove Can Advise You

There are many more reasons that would lead a person to file for bankruptcy, but its purpose is the same no matter what the reason may be: it gives people a chance to handle their debts and get their finances back on track. Depending on how much debt you have accrued over the years and your income, you may be able to manage to pay off your bills without filing for bankruptcy, but when making this decision, you want to be realistic about what you can and cannot do. It can be very beneficial to seek professional advice before making this important step.

You don’t want to spend the rest of your life drowning in debt and paying bills that never seem to go away. You deserve a chance to make things right. Anyone considering filing for Chapter 13 Bankruptcy in Plano, TX can contact Collins & Arnove at 972-516-4255.

Collins & Arnove | Chapter 13 Bankruptcy Plano TX | 972-516-4255