Chapter 13 bankruptcy has helped many McKinney citizens save their homes when they thought all hope was lost. The benefit of a Chapter 13 bankruptcy is that even when you do not have a lump sum of money to become current on your mortgage, Chapter 13 can buy you five years (60 months) to pay back the arrears. Of course, you still have to make your regular monthly payments, but the arrears do not have to be found immediately.
Avoiding foreclosure is the number one reason that most people file a Chapter 13 bankruptcy in McKinney. Also, if someone in Collin County is facing a repossession then a Chapter 13 can help avoid that. Similarly, many North Texas families have back taxes to pay. The Chapter 13 can help stop penalties and interest charges from the IRS. The other reason that you might file a Chapter 13 is because you make to much money to pass the Means Test. You can learn your options at a free initial consultation with an experienced bankruptcy attorney.