Are you seriously in debt but do not want to sell off your assets to pay down your debts? If so, Chapter 13 bankruptcy may be your best bet for keeping your valuables and more.

Unlike Chapter 7 bankruptcy, where you will be asked to liquidate your assets, Chapter 13 allows you instead to create a repayment plan. Working with your Houston bankruptcy attorney and court-appointed trustee, you will need to present a plan to restructure your debts, allowing you to pay them off over a longer period of time. This is often used by businesses that do not want to close their doors, but rather keep operations running while they repay the debt that they owe to their creditors.

As long as you make your monthly payments on time, the majority of your unsecured debts will be discharged at the end of your bankruptcy. Depending on the amount of your debts, Chapter 13 bankruptcy plans last between three to five years.

If you have questions about this type of bankruptcy, we encourage you to contact the Malaise Law Firm to set up a case evaluation with one of our Houston bankruptcy lawyers. We would be happy to answer your questions and can provide you with additional information.