There are many good reasons for choosing Chapter 13 Bankruptcy over Chapter 7 Bankruptcy. First, it is ideal for anyone who needs more time to pay off debts. It is also good for those who have income to undergo Chapter 13 liquidation. In addition, Chapter 13 Bankruptcy offers protection for liable co-signers.
If your home is about to be foreclosed upon, Chapter 13 can help. It involves taking the following steps:
You are allowed to keep all property, no matter what the current value may be. However, you must be able to pay unsecured debtors the amount of money you would lose on that property if you had filed for Chapter 7 Bankruptcy.
First things first. Determine if you are a good candidate for Chapter 13 Bankruptcy. We can discuss your financial needs and options during a free consultation.
First, you must file a petition with the bankruptcy court where you live.
The court will ask for the following information when you to file:
You must also provide the Chapter 13 case trustee with a copy of your most recent tax returns and transcripts. This includes tax returns filed during the case and any other returns that were not filed before the case. Married couples can file either joint or individual petitions.
The petition isn’t complete until the debtor provides the following requested information on all Official Bankruptcy Forms:
Keep in mind, you can save your home from foreclosure immediately, once you file for Chapter 13 bankruptcy. You are given a certain amount of time to bring your mortgage up to date. Unfortunately, you could still lose your home if the mortgage company sells your home before you file per 11 U.S.C. 1322 (c ). You could also lose your home if you do not make regular mortgage payments after the petition is filed.
The chapter 13 trustee will meet with your creditors anywhere between 20 to 50 days after the petition is filed. If the meeting is held in a place that does not have an assigned U.S. trustee or other bankruptcy staffing, the meeting must still take place within 60 days per Fed.R.Bankr.P. 2003(a).
You will be placed under oath during this meeting and questioned by both the trustee and your creditors. You are required to attend the meeting and answer all questions about the proposed terms of the plan per 11 U.S.C. 343. The best way to ensure everything goes smoothly is to complete all paperwork, and make sure all info is factual. Also, consult with a lawyer.
Once the meeting is over, a hearing will be scheduled to discuss your chapter 13 repayment plan. Your case trustee and interested creditors are allowed to attend the hearing.
There are particular debts that can be discharged with Chapter 13 Bankruptcy, and not with Chapter 7 Bankruptcy. They include the following:
We can help you to get debt relief. Contact us to find out if you are eligible for Utah Bankruptcy relief. We provide you with answers to the general about debt relief or how our services work. Contact us by phone at (801) 432-8682. We serve all of Utah.