Filing For Chapter 13 Bankruptcy

If you’re in deep debt, but you have a steady income and possess a valuable asset, filing chapter 13 bankruptcy might be the debt relief option for you. Because it is so invasive to all aspects of your life and can remain on your credit report for up to ten years, filing chapter 13 bankruptcy is not an easy choice. Furthermore, filing chapter 13 bankruptcy is an extremely complicated legal procedure that is very difficult to navigate without professional legal representation. It’s advisable to retain the services of a reputable lawyer to help you as soon as consider filing chapter 13 bankruptcy so that can guide you through the process of how to file chapter 13.

How To File Chapter 13

If you’re about to make a big financial decision, you should be as informed as possible about how to file chapter 13. On this page you’ll find some of the basics of how to file chapter 13. Your first step is to apply for credit counseling at a government-approved organization. You will have to take a means test to confirm your income is below a state-determined amount. The next step is to consult with a lawyer who will tell you how to file chapter 13 and which documents you will have to submit to the court. Your lawyer will instruct you on how to file chapter 13 forms that make up the petition.

It is imperative that you address all your concerns about how to file chapter 13 with your lawyer because any omission or mistake in the petition can result in its dismissal by the court. You should also be aware of how to file chapter 13 exemptions, as some funds, like IRA’s, are exempt from your estate. Your legal counsel can show you how. To file chapter 13, you need to include a proposed repayment plan, which the Trustee will review as a part of the filing for chapter 13 bankruptcy process. After a meeting of creditors, your case will be heard before the court and if approved, you will start your repayment plan. When you’ve graduated the repayment plan, you will receive a court notice of official discharge of your debt. Filing for chapter 13 bankruptcy can be difficult, but once you know how to file chapter 13, you should be home free.