Houston Chapter 13 bankruptcy

Houston Chapter 13 bankruptcy

This type of bankruptcy requires that any individual who files this must have a steady income and a nice job. This bankruptcy can be filed at any time and is open to all individuals who posses the above said requirement. It allows the individuals to pay all the debts keeping their assets intact. By the definitions of the bankruptcy the individuals can pay their debts over a span of three to five years while keeping along with them their property.

This time span is not rigidly fixed and it can be extended with the permission of the court depending upon the cause. With the current recession, they are a number of individuals who are filing this chapter 13 bankruptcy in Houston. Speaking further let us quickly see the brief of this chapter 13 bankruptcy and in what ways it helps the people recover from financial crisis.

Like chapter 12 bankruptcy, this one also focuses on small groups and individuals and it helps them in paying their debts without losing their property. It also helps them from financial crisis and also to restructure their business within the limited period of time. Chapter 13 bankruptcies are nothing but a repayment plan for any individual wage earners.

The requirement is that they should have total unsecured debts which is less than $307,675 and total secured debts of less than $922,975. The advantage of this type of bankruptcy is that it allows you to file another type of bankruptcy sooner without any restrictions. Also certain debts which can be discharged in chapter 7 can be discharged with ease in this chapter.