The Texas Debtor(s) Chapter 13 Plan (El Paso and Waco) is a type of bankruptcy filing that allows individuals to reorganize their debt and create a repayment plan that is approved by the court. This type of bankruptcy is available to individuals who have a regular source of income and cannot pay their debts in full. In this type of bankruptcy, the debtor proposes a plan to repay their creditors over a period of three to five years. The plan must include the debtor's income, expenses, and assets and must be approved by the court. The Texas Debtor(s) Chapter 13 Plan (El Paso and Waco) can be divided into two types: El Paso and Waco. The El Paso plan is available to debtors who live in El Paso and the surrounding area and allows them to propose a repayment plan that is based on their current income and expenses. The Waco plan is available to debtors who live in Waco and the surrounding area and allows them to propose a repayment plan based on their projected income and expenses. Both plans require the debtor to make regular payments to a trustee, who then distributes payments to the debtor’s creditors.
Texas Debtor(s) Chapter 13 Plan (El Paso and Waco)
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FAQ
To qualify for Chapter 13, the debtor must have enough income for expenses, for mandatory payments to priority and unsecured creditors, and for payments to unsecured creditors in an amount at least equal in value to the debtor's nonexempt property.
You Have Too Much Debt. You must have no more than $419,275 of unsecured debt or $1,257,850 of secured debt to be eligible for a Chapter 13 bankruptcy. Secured debts refer to debts based on collateral, in which the creditor has the right to take property back if you do not make payments.
Debts dischargeable in a chapter 13, but not in chapter 7, include debts for willful and malicious injury to property (as opposed to a person), debts incurred to pay nondischargeable tax obligations, and debts arising from property settlements in divorce or separation proceedings. 11 U.S.C. § 1328(a).
Spending While in Chapter 13 The money you make after the filing date should first be used to make your monthly plan payment to the Trustee. After that, your money is yours to do with as you please, up to a point: if you need to make a large purchase such as a car or a house, you might need the court's permission.
In most cases, failure is due to one of several reasons: Life circumstances. Not having the guidance of an experienced bankruptcy attorney. Over-ambition.
Also do not not incur debt, use credit, credit cards, or enter into leases while in Chapter 13 without Bankruptcy Court approval, except in the case of an emergency for the protection and preservation of life, health or property. Contact your attorney if you need to sell property or incur debt.
Vacations. Can you go on vacation during Chapter 13? The simple answer is yes. You will not be prevented from booking and enjoying a domestic or international vacation if you are able to pay for your vacation in full.
A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.