Chapter 13 Bankruptcy - Houston

Chapter 13 bankruptcy allows a person to consolidate the debt while making convenient monthly payments to a trustee. A payment plan is proposed which repays the debt over a three to five year period. The amount of the monthly payment and the length of the repayment plan is based upon the following factors:

• Monthly income of the person
• Monthly expenses of the person
• Amount and nature of the debt

The most common uses of Chapter 13 involve:

• Repayment of mortgage arrears (back amounts owed) home
• Restructuring of auto loans to save a vehicle

Secured debts are paid 100% on the dollar, while unsecured debts may be paid less than 100% on the dollar. A person receives a discharge under Chapter 13 once the payment plan is completed.

Michael J. Pledger - Attorney - (713)526-0842 - 3120 Southwest Fwy Suite 218 Houston - Mention this site and save an additional 50.00 off your bankruptcy.

Contact Lawyer | Site Map | Disclaimer | Chapter 7 Bankruptcy | Chapter 13 Bankruptcy | Houston Bankruptcy | Houston Bankruptcy Attorney
Copyright 2002,2003 bankruptcylawyerinhouston.com