How To File Chapter 13 Bankruptcy On Your Own

how to file chapter 13 bankruptcy on your own

Filing Chapter 13 Bankruptcy; The Easy Steps To Follow

When you decide to file for bankruptcy you need to ensure that you are filing for the right type of bankruptcy. Chapter 13 bankruptcy is designed to help debtors make proposals and carry out a repayment plan over a certain period of time. It works best for individuals with a steady income. For you to be eligible to file under this chapter, the court has to permit you to do so based on the outcome of a means test and credit counseling course.

When you choose to file for a chapter 13 bankruptcy, there is a standard procedure that is followed. You are required to go through the credit counseling procedure, which is a recently additional requirement under the new laws. This has to be through a government approved credit counseling agency and it is done at least six months before filing the bankruptcy. It is also a necessity to pass the means test. This test measures your earning capability.

The most important part of the Chapter 13 bankruptcy is your repayment plan. It shows in detail how much you will pay towards each debt. The plan should pay back your priority debts in full. In addition, the plan must also show any leftover funds being allocated to your unsecured debts. The time span of the debt repayment depends on your income and your debt.

Once you have filed under chapter 13, your creditors cannot demand payments for what you owe them. They can only demand this through a bankruptcy court. The debtor has the advantage of reducing the creditor’s claims to a lower amount. You will then negotiate with the creditors and a decision is then made after an agreement is reached by both parties. Ultimately, your plan gets ended when you have paid back all your debts in full.

About the Author

Mercy Maranga writes content on Finance and Debt Management. Visit her site here for more information on Finance and how to effectively Manage your debts. Bankruptcy

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