How Do I File For Chapter 13 Bankruptcy?
In addition to facing the strong negative stigma of bankruptcy, you must also go through a long and complex legal process. Before you meet with a lawyer, you should understand the basic steps of filing for Chapter 13 so you know what to expect.
This a simple outline of the Chapter 13 process in Texas:
File Your Petition In Court
The first step is to go to the nearest courthouse and file your petition for Chapter 13. You must include several other financial documents to show that you are eligible for bankruptcy.
The Court Places An Automatic Stay
As soon as you file the petition for Chapter 13, the court places an automatic stay. This means that your creditors will no longer take collection actions against you. If your home is in foreclosure, the proceedings will stop.
Your Case Gets A Trustee
The court will also appoint a bankruptcy trustee to your case. This trustee will oversee your case, helping you implement a repayment plan and facilitating a meeting with your creditors.
You Meet With Your Creditors
The next step is to have a meeting with your bankruptcy trustee and your creditors. You may wish to have an attorney represent you in this meeting, as this is where you will discuss how to manage your debts and create a repayment plan.
Take The Required Courses
Before the court approves your petition, you must take mandatory financial management classes. These courses teach you to manage and plan your finances following bankruptcy.
Your Payment Plan Takes Effect
Finally, your repayment plan will take effect, and you can look forward to a bright future with less debt and manageable payments.
Begin The Chapter 13 Process Now
Rather than attempt to file Chapter 13 on your own and encounter numerous obstacles that waste time and money, work with an attorney who can help you. We offer low upfront costs for Chapter 13 cases and can work with you on payment options that suit your needs.