San Antonio Chapter 13 Bankruptcy Attorneys
Rising interest rates, an unstable economy and widespread wage cuts have affected people all over the country who were living the American Dream one day and facing a financial nightmare the next day. Millions of people and business owners were caught unprepared.
"About the time we can make ends meet, somebody moves the ends."
Herbert Hoover, 31st president of the United States
The attorneys at the Smeberg Law Firm can help you understand your rights and your options for resolving your debt problems. We can stop the harassing phone calls from credit collectors and establish a plan of action for you.
Our San Antonio Debt Repayment Plan Lawyers Represent Clients Throughout the State
The founder of our firm, attorney Ron Smeberg, has helped hundreds of people and business owners achieve debt relief. Contact us so we can arrange a free, initial consultation for you with our San Antonio Chapter 13 bankruptcy lawyers. You are under no obligation to retain our services and when you leave our law office, you will be fully informed about your options, so you can make important decisions about the next steps.
Chapter 11 and Repayment Solutions Through Chapter 13 Bankruptcies
Chapter 13 bankruptcy is a reorganization designed for individuals and certain small businesses, which can also be an alternative to Chapter 7 bankruptcy. Chapter 13 bankruptcy is often referred to as a "wage earner plan" because to qualify, a business or individual must have a monthly income that exceeds their living expenses, so they can prove they are able to repay certain creditors.
Sometimes, repayment is for the full amount of the debt, or it can be negotiated down to only a small percentage of the debt. Typically, a payment plan lasts for three to five years, at the end of which any remaining unpaid, unsecured debt will be discharged. This could include credit card debts and medical bills.
Benefits of Chapter 13 Bankruptcy
The benefit to filing for Chapter 13 is that debtors are allowed to keep the nonexempt assets that are seized and sold as part of a Chapter 7 bankruptcy such as expensive jewelry and electronics. Additionally, a Chapter 13 can be used to avoid foreclosure on your home or repossession of secured assets such as your vehicles if you have fallen behind. In bankruptcy, an automatic stay stops all collection activity by creditors, including harassing phone calls, foreclosure and collections. This can give you the time you need to get your finances in order and develop a payment plan.
Chapter 13 and Chapter 11 Bankruptcy for Businesses
Chapter 13 is not only for individuals; businesses can also seek debt relief through Chapter 13 bankruptcy. Alternatively, Chapter 11 bankruptcy allows part or all of the business to continue operating while the debts are restructured. The debts are repaid according to the reorganization plan and the business owner can continue using the business assets and, with the court's permission, borrow funds necessary to maintain the business.
Contact Us for Bankruptcy Advice
There are many factors that must be considered when making this important decision and every situation is unique. We can help you weigh your options and determine which type of bankruptcy fits your needs.
Please contact us to arrange a free and confidential consultation with one of our experienced Texas bankruptcy lawyers. You are under no obligation to retain our services.
Se habla español.