You have got inquiries about Chapter 13 bankruptcy and we've got answers. Before going any further though it should be noted that recent changes to the U.S. bankruptcy law have made for stricter eligibility requirements regarding Chapter 13 bankruptcy. The new laws have also made for higher attorney fees since lawyers are required to spend more time on each situation and personally vouch for accuracy.
Chapter 13 Bankruptcy Questions
"Where do I begin?" You'll need to file a petition with the court which will result in an "automatic stay." At this point your creditors are contacted and warned against contacting you any further pertaining to collection. After that you will need to file another document known as "The Matrix." This document will list, for the court, all your lenders and their information. The last piece of introductory paperwork is an outline of how you plan to restructure your expenses under Chapter 13 bankruptcy. You will not want to do this without the help of your bankruptcy attorney.
"Do I need to physically go to court?" It is the trustee's job to keep the bankruptcy process running smoothly so as not to clog up the courts. The only time you'll need to see a judge is if a creditor has issues with your repayment and the trustee may do nothing about it.
"What happens after the bankruptcy is finished?" If you have filed all the essential paperwork, completed all the mandatory courses, and stuck to the repayment plan agreed upon by the court, the trustee, and your creditors over the lifetime of your bankruptcy then you should be sitting pretty. In fact, if you have outstanding credit on dischargeable loans then you should be able to relieve yourself of any duty in repaying them.
"Do I need to pay for a lawyer?" If you want your bankruptcy finished the right way then you will have to retain a quality bankruptcy lawyer. This person is worth their weight in gold because they'll see to it that your bankruptcy goes off without a hitch and that you may be on your way to your new life in no time.
Get More Answers to Your Chapter 13 Bankruptcy Questions
Filing Chapter 13 bankruptcy is incredibly muddled and is filled with many technicalities so tis difficult to cover all the bases here. For your more exact inquiries, you should ask the bankruptcy lawyer during your free consultation. Quiz them to see how well they know their stuff because it'll go a long way in locating the perfect lawyer for you.
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