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Thursday November 23rd 2017

Filing Bankruptcy Chapter 13

Chapter 13 kind of bankruptcy is reorganization or a repayment plan of debts usually provided by a credit counseling agencies. That is required by the brand new bankruptcy law that an individual who wishes to file bankruptcy must attend a credit counseling session, a documentation of proven attendance of services provided by a credit counseling agencies. With the most recent bankruptcy law under BAPCPA effective last October 2005, people filing bankruptcy chapter 13 has increased. The most recent bankruptcy law indirectly encourages people to file this kind of bankruptcy.

In order to qualify for a chapter 13 sort of bankruptcy, a shopper should have a gentle income that once minus all expenses, it still leaves an amount that may pay his debts for an agreed time frame. Filing bankruptcy chapter 13 has advantages over a chapter 7 variety of bankruptcy. It might probably save the home of an individual it truly is hooked up for foreclosure. It also gives the debtor chance to reschedule secured debts. The downside of filing bankruptcy chapter 13 is that its record will stay on your credit report up to ten years. This would make it hard so one can obtain a new credit without the permission of the court. Other creditors and lenders may also not risk lending money to those who has an immense red flag on their report credit.

How do you file bankruptcy chapter 13? Tips on how to file chapter 13 kind of bankruptcy is to head first to a credit counseling agency. You need to attend their credit counseling sessions and ask for a documentation of your attendance from them to finish a requirement on the brand new bankruptcy law. Almost always they’re going to provide you a repayment plan that you’re going to use to propose on your creditors, usually it can be within the period of time of three to five years.



To be capable of do all of this you need to make a bankruptcy petition, and you may ought to hire at the least a petition prepare when you don’t want to do all of the work by yourself. This will really save you it slow because petition preparer¬ís main job is to supply information on your entire bankruptcy documents which could take you more of a while once you will do it in your own. Remember to hire a petition preparer that follows the legal rules. Some thing you must note is that petition preparers don’t seem to be authorized to provide you legal advice.

If you’ve got some questions regarding filing chapter 13, then you definitely will have to hire a great bankruptcy lawyer. So that it will save some money you could hire a bankruptcy lawyer to just prepare your papers and pay their flat fee , then do anything all by yourself. If money is not any problem in hiring a bankruptcy lawyer then this is often easy for you, you’re able to let the bankruptcy lawyer do your complete work.

In order to file for a chapter 13 form of bankruptcy affordably, you may just hire a petition preparer to arrange your papers. You then will pay him the flat fee and you may start doing the remaining of the bankruptcy process. For additional information on easy methods to file chapter 13 affordably, visit the location below.

How to File ($21)

This book has been my light at the end of the tunnel. It took me approximately 4 wks. to research the book and understand it so I didn’t make any mistakes in filing inaccurate information but once I did the paperwork (all through the mail) it only took 1 wk. before the creditors meeting was set for 3 wks. later and the entire chapter 7 should be done within about 3 months. I was the only one present at my meeting without an attorney but my meeting as well as the 15 people before me only took 5 minutes each in front of the trustee. None of the creditors in any of the cases showed up except Sears in other cases but they just noted the information for their records. This is possible to do by yourself and for approximately 5.00 administrative and filing fees. No other costs have been incurred and I am on my way to a new start. Thank you so much!

Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time… ($24)

Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time

I needed to file Chapter 13 to pay off approximately 00 in delinquent taxes that could not be discharged in a Chapter 7. I contacted several local Chapter 13 attorneys in the San Diego area for free consultations. Each one wanted to charge at least 00.00 to represent me and wanted between 00.00 to 00.00 to be paid prior to them filing the bankruptcy paperwork with the court. If I had that kind of money, I would have been trying to work out something with the IRS.

I bought this book and read it cover to cover several times. When I knew I was ready, I completed the forms required to file in my district, California Southern District. My expense was 4.00 in cash for the filing fees. I filed on 4/17/09 and had my 341(a) hearing on 5/22/09. The court schedules a hearing at the same time for many people.

During the hearing, I was getting nervous as several people that were represented by attorneys were called in front of the Chapter 13 Trustee ahead of me and were either having their hearings continued to a new date or having a Confirmation hearing scheduled due to discrepancies in their filed paperwork (this was paperwork prepared and filed by their attorneys!!!). In the California Southern District, a 341(a)hearing is rescheduled or a Confirmation hearing is scheduled if the Chapter 13 Trustee thinks there is a presumption of abuse of the bankruptcy laws, objects to the plan or a creditor has an objection to the plan.

When I was called up, I only had to answer a few basic questions (name, address, what do you do you do for a living, how much are you paid, is that hourly, weekly, monthly and how many hours per day, week or month do you work) and provide copies of my IRS tax returns for 4 years (2005, 2006, 2007 and 2008)to verify that I have had stable income. The Chapter 13 Trustee stated he did not find a presumption of abuse, recommended that my plan be confirmed and is submitting the Request for Plan Confirmation to the Chapter 13 bankruptcy judge for sign-off. It took less than 10 minutes.

I could not have done it without the invaluable assistance of this book.

One Comment for “Filing Bankruptcy Chapter 13”

  • Siobhan.Kirstein says:

    Thanks for the advice you have in Filing Bankruptcy Chapter 13, it made it easier for me in my project work.


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