Easy Guide to Chapter 13 Filing Process

As it has well been documented, filing for bankruptcy requires the proper documentation to be filed in bankruptcy court. In filing Chapter 13 bankruptcy, the initial application must be passed along to the court, along with a $235 case filing fee and a $39 administrative fee of which negligence could result in the forfeiture of the case itself. On top of this, as with all other varieties of bankruptcy, there are four records that must be attached to Chapter 13 bankruptcy forms, such as the official petition relating to an accurate depiction of the debtor's financial status. They are:

1) a list of all debt-oriented contracts and unexpired leases;

2) a breakdown of income through employment versus living expenses;

3) a compilation of all existing creditors and loans outstanding; and

4) an overall statement of fiscal affairs.

As for the plan creation and confirmation stages, the plan itself is one of the requisite forms in the Chapter 13 bankruptcy process. As stated, the plan (devised by the debtor) must be submitted to the court within two weeks of submitting the official petition. In a meeting of creditors shortly thereafter, it must be examined by all interested creditors. For up to 90 days after the fact, the creditors will then have their own responsibility to file with the court their claims on monies owed to them by the debtor. They are also permitted to attend the actual plan confirmation hearing.

Sometimes, meanwhile, depending on the debts specified, a petitioning party filing Chapter 13 bankruptcy may also request a discharge of existing loans with the fulfillment of payments outlined in the confirmed debt adjustment plan. Imaginably, this measure is very much a conditional one. To be eligible for waiver of remaining debts, a debtor may stay on top of all regularly scheduled alimony and child support installments, as well as complete a financial counseling course.

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