A Round Rock Chapter 13 Bankruptcy Lawyer Discusses Individual Debt Adjustment
If you are overwhelmed by debt, but believe your balances to be manageable with the right payment plan, consider speaking with a Round Rock Chapter 13 bankruptcy lawyer right away about your options.
The worst thing to do when facing credit card or mortgage default is nothing, and a Round Rock Chapter 13 bankruptcy lawyer can help you better understand your options and get you on the road to financial recovery. Chapter 13 of the Bankruptcy Code, known as the individual debt adjustment, is a form of bankruptcy that does not necessarily require the debtor to liquidate assets but rather allows debtors to repay and discharge debts through a manageable payment plan.
A Round Rock Chapter 13 bankruptcy Attorney Explains the Basics of Chapter 13 Proceedings
Contrary to Chapter 7 proceedings, which require a total liquidation of assets, Chapter 13 bankruptcy involves the creation of a repayment schedule which is agreed upon by the debtor and his or her creditors. Your Round Rock Chapter 13 bankruptcy lawyer will also help you file the required paperwork with the court, which includes:
- A complete list of your current assets and liabilities
- A list of your current income and expenses
- A list of current leases or executor interests, which your Round Rock Chapter 13 bankruptcy attorney can explain further at the initial meeting
- A statement of your financial affairs
From there, your Chapter 13 proceeding will commence upon the filing of your petition by your Round Rock Chapter 13 bankruptcy lawyer. The court will appoint a trustee to your case who is responsible for monitoring its progress and coordinating payment of your debts pursuant to your repayment plan. Your Round Rock Chapter 13 bankruptcy lawyer will also explain that the filing of Chapter 13 proceedings places an automatic “stay” on any adverse action pending against you, which can help save your home or vehicle from loss in a foreclosure or repossession, respectively.
Contact an Experienced Round Rock Chapter 13 Bankruptcy Attorney Today
Working with a Chapter 13 bankruptcy attorney is the best way to navigate the bankruptcy process, and you are highly encouraged not to attempt to complete the process unassisted. When you are ready to get started, call a Round Rock Chapter 13 bankruptcy lawyer at Gallini Law, PLLC today by calling 512-238-8883.