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
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.