There are multiple steps that you need to take once you decide to file for Chapter 13 bankruptcy. The process can seem a bit overwhelming but you do not need to worry. A Bergen County Chapter 13 bankruptcy lawyer from our firm can tell you exactly what needs to be done. So don’t file on your own, contact our lawyers and schedule a consultation instead.
What Do I Need to Do Once I Decide to File For Chapter 13 Bankruptcy?
Once you decide to file for Chapter 13 bankruptcy, you should:
- Gather any documents relating to your finances, assets, and debts
- Talk to a bankruptcy attorney
- Attempt to understand the full scope of your debt and liabilities
- Attend a credit counseling course
- File your petition and pay any applicable fees
- Develop a repayment plan within 14 days of filing
- Have a trustee assigned to your case
- Have a meeting of creditors
- Go to a confirmation hearing with a judge
- Have your payment plan approved
- Make your payments for three to five years
- Attend a debtor education course
Once all of these steps have been completed, you should have a fresh financial start. Bankruptcy will stay on your credit report for some time, but there are many ways to rebuild your credit and your credit score should bounce back if you practice smart spending habits.
What Debts Can Be Erased Once I File for Chapter 13 Bankruptcy?
It’s important to note that not every type of debt can be erased through Chapter 13 bankruptcy. This is why it is important to get a full accounting of your liabilities and meet with a lawyer beforehand to figure out if this is the right path for you. Debts that can be erased through bankruptcy include:
- Medical debt
- Credit card debt
- Some types of judgments from lawsuits
- Unsecured personal loans
- Certain older tax debts
If a large portion of your debt is from sources like student loans, alimony, or restitution, you may not benefit all that much from this process.
Should I Hire a Bankruptcy Lawyer?
We do not recommend filing for bankruptcy on your own. This is a rather complex process that requires a lot of paperwork. Even minor mistakes can cause huge headaches and delay your fresh financial start. An attorney can help you make sure that you have everything needed to file for Chapter 13 bankruptcy. Then they can help guide you through the entire process and answer any questions that you may have.
Schedule a Consultation With Our Team
When you are ready to file for Chapter 13 bankruptcy, contact the Law Office of Boyd & Squitieri. We can schedule an appointment for you and take a closer look at your finances. If we think that bankruptcy is the right option for you, we can help you start the process.
