How Much Will Texas Chapter 13 Cost

June 3, 2010

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Texas Chapter 13 bankruptcy is very advantageous, but not your only solution. Actually, more file Chapter 7 bankruptcy than Chapter 13, about 3 in 4 filing with the former. However, Chapter 13 bankruptcy has some clear advantages, especially if you make enough money.

1-Most are eligible for Chapter 13, with only hundreds of thousands in debt stopping some from filing.
2-You can save your home from foreclosure.
3-You can keep other assets.
4-You can rework bills so you can afford them.
5-You can avoid wage garnishments.
6-Filing is cheap.

How much does filing really cost? Actual court costs are $299 for Chapter 7 and $274 for Chapter 13. If you file jointly with a spouse, that’s a one time fee to pay the local Texas court.

You should also consider hiring an experienced Texas bankruptcy attorney. Hiring one has many advantages.

1-Save time in filing.
2-Correctly file with court.
3-You can get counsel on whether you should choose Chapter 7 or Chapter 13.
4-An attorney can stop all creditor harassment
5-An attorney can help save your home from foreclosure.
6-And an attorney can save you money by helping to keep other important assets like your car.

How much does it cost to hire an experienced attorney? For Texas bankruptcy, the rates vary depending on the case. Chapter 13 is a longer process than Chapter 7, but once you appear in court, the plan is accepted, and you start paying debt, it’s very simple. An experienced attorney will charge from $1,000-$2,000 in most cases to help you with bankruptcy. If your case is more complex, it may require added time.

Chapter 13 bankruptcy can save you money in many ways. If you have been paying  on a home for years, and you’ve kept it up, all that time and money could mean nothing if foreclosure goes through. It’s the same with other assets, such as your car. If you make too much money, you can’t discharge debts with Chapter 7. But Chapter 13 allows people who make more if not much more money to rework how they pay back debts.

The process takes 3-5 years, but it’s more than worth it. Act now if you fear foreclosure, as by federal law if the foreclosure is begun, you cannot stop it. Hire an experienced  bankruptcy attorney in your area  of Texas today.

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