Get Expert Bankruptcy Advice Chapter 13 Made Simple
Embarking on the Chapter 13 bankruptcy process involves several critical steps:
- Credit Counseling: Before filing, you must complete a credit counseling session with an approved agency. This session helps evaluate your financial situation and explore alternatives to bankruptcy.
- Filing the Petition: You'll need to file a petition with the bankruptcy court, along with schedules of assets, liabilities, income, and expenditures.
- Proposing a Repayment Plan: Your repayment plan outlines how you intend to pay off your debts over the designated period. The court must approve this plan.
- Meeting of Creditors: A meeting is held where creditors can ask questions about your financial situation and the proposed plan.
- Confirmation Hearing: The court will hold a hearing to confirm your repayment plan, ensuring it meets all legal requirements.