Why do I have to pay the full value of my non-exempt property?
Individuals seeking the protection of bankruptcy court can file for either Chapter 7 or Chapter 13 bankruptcy protection, offering them an opportunity to eliminate a portion of their debt when managed properly. Congress is careful to offer protections to creditors as well however, and has structured Chapter 13 in such a way that you cannot avoid paying the minimum amount owed to your creditors as you would in Chapter 7. Without these protections, Chapter 13 filings would allow debtors to make large unnecessary purchases and then discharge the debt they have accrued through bankruptcy while retaining the property.
The Houston bankruptcy attorneys at the Russell Van Beustring P.C., are dedicated to helping debtors get back on their feet, and can help guide you through the complex process of creating a Chapter 13 repayment plan. Contact us by calling 713-973-6650 today to discuss your options.