Chapter 13 bankruptcy is a repayment plan for all your debts. It is away to reorganize what you owe, get lower interest rates and have 3 to 5 years to pay them back. The reason some people like to file this bankruptcy instead of chapter 7, is because you will get to keep your assets.
Step by step How To File for Chapter 13 bankruptcy
3. Now you must provide information to the Chapter 13 case trustee:
Bankruptcy Forms:
4. When the filing is done you will be appointed an impartial trustee to administer the case.
5. After 20 to 50 days after you file the your trustee will hold a meeting of creditors. This is where you meet with all you creditors and answer any questions they may ask.
6. Unsecured creditors will file their claims with the court within 90 days of the creditors meeting
7. After the meeting you, the trustee and creditors will go to court to hear the repayment plan.
8. The court will then decide if your bankruptcy is approved.
Step by step How To File for Chapter 13 bankruptcy
- You must attend a approved credit counseling class under the United State Trustee's Office. You cannot do anything else until you get a certificate that says you have taken the class.
- File with court
- The certificate for the credit counseling class
- Federal tax return for previous year
- list of assets and liabilities
- current income and expenditures
- contracts of un-expired leases
- statement of financial affairs
- a debt repayment plan (this is what you will accomplish in credit counseling class)
- Evidence of payment from employers
- statement of monthly net income and any anticipate increase
- Record of any interest that you may have in federal or state qualified education or tuition accounts.
3. Now you must provide information to the Chapter 13 case trustee:
- A copy of tax return for most recent tax year
- Tax returns filed during the case
- Tax returns for prior years that had not been filed when case began
Bankruptcy Forms:
- A list of all creditors and the amounts and nature of their claims
- the source, amount and frequency of your income
- A list of all your property
- Detailed list of monthly living expenses
4. When the filing is done you will be appointed an impartial trustee to administer the case.
5. After 20 to 50 days after you file the your trustee will hold a meeting of creditors. This is where you meet with all you creditors and answer any questions they may ask.
6. Unsecured creditors will file their claims with the court within 90 days of the creditors meeting
7. After the meeting you, the trustee and creditors will go to court to hear the repayment plan.
8. The court will then decide if your bankruptcy is approved.