Individuals can qualify for a
Chapter 13 bankruptcy when their income depicts an ability to repay debts. The debts owed can
be paid off through a repayment plan that lasts between three and five
years. The plan will vary for each debtor and can be tailored to ensure
that it is feasible with their budget. When creating a repayment plan
it is important to consult a qualified Houston bankruptcy attorney. A
lawyer from our firm may be able to help you draft a viable plan that
you will be able to maintain.
The repayment plan will specify the amount that each creditor will be paid
and the duration of the payment. In order for a plan to be finalized the
creditor and the trustee will have to agree on the plan and have it approved
by the court. If the creditor or bankruptcy trustee objects to any aspect
of the plan, a revision may need to be made. The repayment plan generally
takes effect 30 days after the bankruptcy is finalized and the plan is approved.
Unfortunately, life can take a toll and an individual can experience financial
hardships that prevent the completion of the repayment plan. All too often
a plan is devised and it seems to be feasible for the individual when
first created, but situations change and the previously doable plan becomes
unrealistic. If this happens to you,
contact a skilled bankruptcy lawyer in Houston and see if you can get a change to your existing plan. Our lawyers here
at Maida Law Firm, P.C. are familiar with Chapter 13 repayment plans and
may be able to help you create a new plan that suits your current budget.