Austin Bankruptcy Lawyer

Legal Updates

Avoiding Credit Repair Scams

Choosing assistance from a credit repair company will only worsen your financial situation by wasting your time and putting you further behind on your debts. Neither you nor a credit repair company has the right to remove accurate, current information from a credit report.

Dealing with Debt

Shoveling out from under debt can be daunting. But taking a few smart steps can avoid legal headaches and hassles.

Dischargeable Debts

Discharge in bankruptcy refers to the bankruptcy court's order that relieves you of your responsibility for your debts. The discharge means that your creditors can't take any further action to collect those debts from you. Learn about which debts can be discharged in bankruptcy.

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Austin TX Chapter 13 Bankruptcy Lawyers

Chapter 13 Bankruptcy—Keep your Assets and Re-Organize Your Debts

Chapter 13 enables individuals to consolidate their obligations and repay their debts over a three-to-five year period of time through monthly payments.  

If you qualify, you may also be able to stop foreclosure on your home or repossession of your vehicle and repay the obligation through your Chapter 13 plan. 

A successful filing also halts penalties and interest on all credit cards and stays penalties and, in some cases, interest on IRS tax obligations.   

A court-approved payment plan is based upon several factors, including:

  • Monthly income
  • Monthly expenses
  • Amount and nature of debt
  • Non-exempt assets

Chapter 13 bankruptcy filing may be the route to repair your finances if you own non-exempt assets wth significant equity.  

Chapter 13 filing may also be appropriate for individuals who have debt that is non-dischargeable in a Chapter 7 liquidation filing:

  • Tax liabilities
  • Student loans
  • Child support payments
  • Alimony payments

If you live in Austin, Round Rock, Georgetown, or in any part of Western Texas, then contact the chapter 13 bankruptcy attorney, Douglas J. Powell, P.C. to set up a free consoltation.

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