Chapter 13 Bankruptcy

Debt Reorganization While Keeping Your Assets

Chapter 13 bankruptcy allows individuals with regular income to develop a plan to repay all or part of their debts over 3-5 years while protecting valuable assets. At the Law Office of Jeremy T. Wood, PLLC, we help you create a manageable repayment plan that fits your budget and goals.

The Chapter 13 Process

Credit Counseling: Complete required pre-filing counseling
Plan Development: We create your personalized repayment plan
Filing: Submit bankruptcy petition and proposed repayment plan
Automatic Stay: Immediate protection from creditors begins
Trustee Assignment: Court appoints a trustee to administer your case
Meeting of Creditors: Brief required meeting (we attend with you)
Plan Confirmation: Court approves your repayment plan
Plan Execution: Make payments for 3-5 years
Discharge: Remaining eligible debts are eliminated after completion

Key Benefits of Chapter 13

Save Your Home: Stop foreclosure and catch up on mortgage payments
Keep Your Vehicles: Prevent repossession and potentially reduce car loan balances
Affordable Payments: Consolidated monthly payments based on your ability to pay
Extended Time: 3-5 years to catch up on secured debts
Reduced Debt: Potentially pay pennies on the dollar for unsecured debts
Co-Signer Protection: Shields co-signers from collection actions
Tax Debt Solution: Structured payment of tax debts with eliminated penalties

Who Should Consider Chapter 13

Homeowners Facing Foreclosure

Stop foreclosure proceedings and create time to catch up on payments

Income-Earners with High Debt

Those with regular income who need time to address overwhelming debt

Above-Median Income Earners

Individuals who don’t qualify for Chapter 7 due to income levels

Those with Tax Debts

Individuals with significant tax liabilities needing structured resolution

What Chapter 13 Can Address

Mortgage Arrears: Catch up on past-due mortgage payments over time
Car Loans: Potentially reduce principal balance and interest rate
Tax Debts: Create a manageable payment plan for tax obligations
Child Support Arrears: Structured repayment of past-due support
Credit Card Debt: Often pay a fraction of what’s owed
Medical Bills: Significantly reduce or eliminate medical debt
Student Loans: Temporary relief and manageable payments during plan

Chapter 13 vs. Chapter 7

Chapter 13

Chapter 7

3-5 year process

3-6 month process

Keep non-exempt assets

May lose non-exempt assets

Partial debt repayment

Most debts completely eliminated

Available to most income levels

Income restrictions apply

Ideal for saving secured assets

Best for eliminating unsecured debt

Our Chapter 13 Services

Financial Analysis

Thorough assessment of your income, expenses, assets, and debts

Plan Creation

Develop an affordable repayment plan that addresses your priority debts

Court Representation

Guide you through all required hearings and trustee meetings

Ongoing Support

Assistance throughout your repayment plan and post-discharge

Take Control of Your Financial Future

Chapter 13 bankruptcy offers a path to financial recovery while protecting your most important assets. Contact the Law Office of Jeremy T. Wood, PLLC at 713.366.1288 to schedule your free consultation and learn how a Chapter 13 repayment plan can provide the relief you need.