How To Make The Process Of Filing For Chapter 13 Much Smoother

29 July 2022
 Categories: Law, Blog


Chapter 13 is an alternative to other forms of bankruptcy such as Chapter 7. It can be a great idea to file for Chapter 13 bankruptcy if you believe that you can pay off most of your debts but simply need an easier repayment plan. However, while Chapter 13 can make your life easier in the long run, it's a bad idea to file for Chapter 13 bankruptcy without the help of an attorney.

Know the Benefits of Chapter 13

It's important to understand everything that Chapter 13 can do for you. Not only will you be able to renegotiate repayment terms, but you will also be able to reschedule secured payments in some cases so that it's easier to finish paying off loans. By doing so, you will be able to keep the asset. If you're not sure if a Chapter 13 bankruptcy will be useful in your individual situation, it's important to consult with a bankruptcy attorney.

Have a Repayment Plan Ready

After you have filed your Chapter 13 petition, you will have a short time frame in which you can file your repayment plan. For this reason, it's important to have a repayment plan figured out with your attorney before you file for Chapter 13 so that you won't miss your deadline. 

Be Realistic About Your Budget

When coming up with a repayment plan, it's important to be realistic about your income and expenses so you can better predict how much you will be able to devote to your debt payments. You will need to scale back on your spending so you can avoid accumulating more debt and devote as much money as possible toward repaying your debt.

Prepare for Your Meeting with Your Creditors

After creating the repayment plan, you will attend a meeting of creditors and they will be allowed to challenge your repayment plan if they believe that it is not feasible. The filing of your Chapter 13 bankruptcy will be much easier if you file for bankruptcy with a sensible plan already in place.

File with the Help of an Attorney

It's easy to make mistakes that can jeopardize your Chapter 13 bankruptcy filing. For example, you might forget to file your taxes. This is something you must do in order to ensure that you are paying your priority debts. However, an attorney will make sure that you do not forget any important details.

Contact a Chapter 13 bankruptcy attorney for more information.