How To File Your Case In A Chapter 13 Bankruptcy Court |
30.06.2009 16:05 |
|
There are several steps that you will need to take before you even step into a Chapter 13 bankruptcy court. For one, you need to be absolutely sure in your mind that Chapter Thirteen bankruptcy is indeed the right choice for you. So, before filing your case in a Chapter 13 bankruptcy court you must already have, for example, have learned about different options including Chapter Seven bankruptcy and then you should have positively decided that it is indeed Chapter Thirteen bankruptcy that you want to go in for. Important Decisions Having decided to file your case in a Chapter 13 bankruptcy court you need to take a few important decisions before going to the court. First of all you will have to start off by analyzing the debts that you have incurred and in case these debts are too high you may find that you are not in fact even eligible to file your case in a Chapter 13 bankruptcy court. Or, your high debts may also mean that you will not be able to come up with a feasible repayment plan which will then defeat the purpose of filing for bankruptcy in a Chapter 13 bankruptcy court. It is also necessary to gauge the state of your income. So, before stepping into a Chapter 13 bankruptcy court you need to be sure that you have enough income coming in for you to meet up with your payment obligations that in turn will have been drawn up under Chapter Thirteen bankruptcy. In case, you are not able to show sufficient income the Chapter 13 bankruptcy court will simply stop you from proceeding further. It is also important that you put a correct value to your property so that you know how much your property is really worth and how much of this property value is exempted under Chapter Thirteen bankruptcy. Once you have all this information your next step is to fill out the applicable bankruptcy forms and then you have to fill the forms with all your financial information and also draft a plan for repayment. After that it is just a matter of filing your forms in the Chapter 13 bankruptcy court after which you will have to attend hearings, make necessary payments and get a successful bankruptcy discharge. Bankruptcy is never an easy process and so it pays to learn how not to make mistakes as these mistakes can cost you dearly. One of these mistakes is trying to file for one of the different chapters without first having exhausted all other options to pay off your debts. It is surprising how things such as debt consolidation and credit counseling can help you stave off that day when you will be heading down to the courts to get your debts discharged through legal means. |
|
|
|
Subscribe