Chapter 13 is not the straight "liquidation" of chapter 7, but is, instead, a "reorganization." To file, you will complete most of the same paperwork as chapter 7, but you will also need a proposed "repayment plan" which details how you intend to repay your debts over the next three to five years. Some debts must be repaid in full; others you must pay only a percentage; and still others you may not pay at all.
The Process: The process is often substantially similar to the process in a Chapter 7 case, except sometimes it takes more time and various hearings to get your chapter 13 plan approved. After your first meeting of the creditors, the bankruptcy trustee will hopefully recommend the approval of your proposed repayment plan to the bankruptcy judge. A few weeks thereafter, the judge will normally confirm and approve the plan, and you start making all the required payments over the three or five years (depending on your income). When you successfully complete the program, you will receive a discharge of any balance owed on all dischargeable debts!
Talk to an attorney to determine which type of bankruptcy is best for your situation.
The Process: The process is often substantially similar to the process in a Chapter 7 case, except sometimes it takes more time and various hearings to get your chapter 13 plan approved. After your first meeting of the creditors, the bankruptcy trustee will hopefully recommend the approval of your proposed repayment plan to the bankruptcy judge. A few weeks thereafter, the judge will normally confirm and approve the plan, and you start making all the required payments over the three or five years (depending on your income). When you successfully complete the program, you will receive a discharge of any balance owed on all dischargeable debts!
Talk to an attorney to determine which type of bankruptcy is best for your situation.
Call (415) 322-0960 or Email for a bankruptcy consultation today!
-Landerholm Law Office-; 1300 South Van Ness # 204; San Francisco, CA 94110
The Landerholm Law Office is a Debt Relief Agency as defined in federal bankruptcy laws.
