Chapter 13 Bankruptcy

Steps for Filing Chapter 13

Chapter 13 bankruptcy often provides relief for people who have faced short-term financial setbacks like job loss, illness or large unexpected expenses. It is often called a “wage-earners bankruptcy” because there is a repayment plan that requires a steady source of income.

Filing a Chapter 13 bankruptcy will give you some breathing room to catch up on back payments you may owe and allow you may some breathing room to get back on track with your payments.

In most cases, you will be allowed to keep you home, car and other property as long as you can maintain the payment on your debt.

Under Chapter 13 bankruptcy, a payment plan will be devised according to your monthly income. You will make payments to the bankruptcy trustee over a period of 3 to 5 years that will catch up and pay off any outstanding unsecured debt included in the bankruptcy plan.

Once the payment plan is complete, your bankruptcy discharge will be issued that clears your unsecured debt.

Below is short list that describes the Chapter 13 bankruptcy process.
1. Prepare a budget.
2. Determine if Chapter 13 bankruptcy is the best way to handle your situation.
3. Find ways to talk to and negotiate with your secured creditors.
4. Devise a chapter 13 plan, and fill out the forms. Often it is best to consult with a bankruptcy attorney for this.
5. Pay the filing fee and complete the process of filing the forms and pleadings.
6. Attend all meetings that you are required to attend; meetings with the creditors, consultations with attorneys, court hearings etc.
7. Obtain a discharge once the payments have all been made, and the plan terminated.

Do You Qualify for Chapter 13?

Complete the short form below and find out if Chapter 13 is right for you.

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