A bankruptcy attorney can explain to you that filing a bankruptcy is not something to take lightly. Each case is different and your attorney will go over your case in detail, but the following Chapter 13 bankruptcy steps are what you can typically expect.
Chapter 13 Bankruptcy Steps
- Review your debt – itemize what you owe and to whom
- Check eligibility to make sure you can file a Chapter 13
- File Chapter 13 bankruptcy – and automatic stay begins immediately
- You will be assigned a bankruptcy trustee
- You will receive notice of the bankruptcy and dates for the 341 meeting , confirmation hearing and other deadlines
- Objections and motions may be filed
- The bankruptcy trustee will request certain information
- 341 meeting
- Your repayment plan is established and you begin payments 30 days after your case is filed
- After a predetermined time (3-5 years usually) your bankruptcy and most remaining debts are discharged
Your bankruptcy attorney will go through each step with you in detail and help walk you through them. They will also explain the specifics of your situation and how it may vary from the steps listed above.
One important thing to remember is that the information above is generalized and applies just to Chapter 13 bankruptcies. There are certain criteria necessary to meet before you can file a Chapter 13, if you do not meet these criteria you may have to file a different form of bankruptcy, in which case the above information may not be applicable.
A Chapter 13 bankruptcy does not discharge debts in the same manner that a Chapter 7 does, instead it is basically a repayment plan to help you repay your secured debts and some unsecured ones. Discuss your situation with a lawyer to see if you qualify for a Chapter 13 bankruptcy.