There are several types of bankruptcy that you can choose to file for if you're really having a tough time meeting all necessary payments on your account. Before you pick one though it's best that you learn more about the available options first in order to get a better idea of how they can work for your benefit. So before we get into the steps for Chapter 13 Bankruptcy, here's a little description of what it is:
In essence, chapter 13 bankruptcy an option preferred by debtors who have valuable assets, such as their home, car or other properties which are not completely covered by exemptions and that they wish to keep. In a chapter 13 case, you file a plan showing how you will be able to pay off some of your debts over a period of three to five years.
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So, if you think this option is the only solution that you have left, and that there is literally no other way to get out of the situation other than filing for it then here are the steps on how to file for a chapter 13 bankruptcy:
• File for a petition: You will need to first file for a petition with the bankruptcy court in your area. Along with the petition, you will also need to file a schedule of assets and liabilities, executor contracts, unexpired leases and income and expenditures. Bankruptcy forms are available at your local stationary stores and will not be provided by the court so you will need to purchase and fill them out. If you are having problems filling out the forms, seek help from your attorney.
• Pay the fees: Filing for bankruptcy will require you to pay for miscellaneous and court filing fees in order to get things moving. Once the petition has been filed, most legal actions taken against you by your creditors will be "stayed" which means that they will not be able to continue lawsuits, garnish wages or harass you over the phone and demand payment.
• File a plan of repayment: You can either file the plan of repayment along with the petition or no later than 15 days afterwards.
• Attend a meeting of creditors: This will be held anywhere from 20-50 days after the filing of the petition and your attendance to such a meeting will be crucial as it will allow your creditors to ask and verify information regarding your assets as well as financial situation.
• Confirmation hearing: This is where all your efforts will boil down to as a bankruptcy judge will be determining if your plans of repayment are feasible and meets all standards of the Bankruptcy Code.
Remember, even if chapter 13 does seem like a friendlier solution as compared to chapter 7, it will still hurt your credit report immensely, which is why you should exhaust all other options first before even starting to consider filing for a chapter 13 bankruptcy.
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