Filing for Chapter 13 bankruptcy is a multi-step process that requires a lot of paperwork. This is why it’s a good idea to talk to a Rockland County Chapter 13 bankruptcy lawyer before you decide to file. A lawyer from our firm can tell you if you’re a good candidate for this type of bankruptcy, and then we can help you get the process started.

Who Can File for Chapter 13 Bankruptcy?

A Chapter 13 bankruptcy is sometimes referred to as a “wage earner’s plan.” This means that your income has hit a certain threshold, but it’s not enough for you to pay off your debts in a reasonable amount of time. The good news is that you won’t have to liquidate your assets, so you actually will be able to keep many of your things.

What Does the Process of Filing for Chapter 13 Bankruptcy Look Like?

Filing for Chapter 13 bankruptcy requires you to take a credit counseling course. Then once you have filed, payed any fees, and had a stay put on any collection actions against you, the process begins. You will:

  • Develop a repayment plan within 14 days of filing your petition
  • Have a trustee assigned to your case
  • Attend a meeting of creditors
  • Go to a confirmation hearing with a judge to get final approval on your payment plan
  • Begin making your payments

Now, these payment plans developed during Chapter 13 bankruptcy often last for three to five years. Once you have met these obligations, the remaining debts that are eligible to be discharged through bankruptcy will be wiped off of your record. Just remember that not all debts are affected by bankruptcy. This includes some common sources of debt like student loans.

What Paperwork Do I Need When Filing for Chapter 13 Bankruptcy?

When filing for Chapter 13 bankruptcy, you’ll also need to include a lot of paperwork with your petition. It is often helpful to have things like:

  • A list of lenders and creditors with the amount you owe each
  • A list of property that you own
  • Your certificate for completing a credit counseling program
  • Your most recent tax filing
  • A breakdown of your living expenses
  • A copy of your proposed payment plan, if it has already been drafted

Do I Need a Lawyer?

You can try to file for bankruptcy on your own, but it’s a lengthy, paperwork-intensive process. Having an experienced attorney on your side can make it easier to move through this process and get a fresh financial start.

Contact Our Attorneys

So if you are considering filing for Chapter 13 bankruptcy, know that you do not have to approach this process on your own. Contact the Lauterbach Law Firm and schedule a consultation with our team today.