Steps in a Chapter 13 Bankruptcy Case

Are you facing large amounts of debt? Are you struggling to make payments while also making ends meet? It may be time to consider filing for bankruptcy. You may think that bankruptcy is an extreme option that will not help your situation. However, filing for Chapter 13 bankruptcy can help you effectively manage your debt, and move forward with your financial future. Many San Francisco residents have benefited from filing for Chapter 13 bankruptcy. If you are considering filing for Chapter 13, contact an experienced bankruptcy attorney today to discuss your options.

What Is Chapter 13 Bankruptcy?

Many people believe that all bankruptcy cases have the same goal – to cancel, or discharge, debt. In a Chapter 7 case, the debtor may be allowed to discharge large amounts of certain types of debt. Unlike Chapter 7 bankruptcy, filing for Chapter 13 is not a way to discharge all of your debts. Rather, filing for Chapter 13 allows you to reorganize your debts so they are manageable. The goal of a Chapter 13 cases is to create a repayment plan over the course of three to five years. This repayment plan can help you efficiently pay your debt by making low monthly payments for an extended period. An experienced bankruptcy attorney can determine whether you qualify for Chapter 13, or if you should pursue Chapter 7 bankruptcy instead.

The Chapter 13 Bankruptcy Process

The process begins when you file your petition in court. After filing the necessary paperwork, an automatic creditor stay will go into effect. This stay applies to most creditors, and prevents creditors from contacting you or collecting on the debt. The court will appoint a trustee to your case. The trustee will review and oversee your repay plan, and conducts a meeting of your creditors. Your creditors are allowed to file objections to your plan, which your attorney can fight in bankruptcy court.

You will be required to make payments within 30 days of filing your petition. Your trustee will receive and administer these payments according to your specific Chapter 13 plan. After all creditor objections are handled, a bankruptcy judge will confirm your plan. The confirmation process can take months, and the trustee may modify your plan during this time to deal with creditor objections. At the end of the process, you will be required to undergo financial counseling and debt education courses per federal law. After your plan is confirmed, you will be required to adhere to the scheduled monthly payment for the next three to five years.

Call San Francisco Bankruptcy Lawyers

The experienced bankruptcy attorneys at the Law Office of Melanie Tavare understand the financial pressure you are facing. We are dedicated to helping people through their debt crises, so they can rebuild their financial future with confidence. For years, our bankruptcy attorneys have been helping San Francisco residents through their Chapter 13 cases. If you are unsure how you will pay off your high debt, contact our firm today. We offer every new client a free consultation, during which you will discuss your options with a reputable bankruptcy attorney. Do not hesitate; contact the Law Offices of Melanie Tavare by calling 510-255-4646 or contact us online now to schedule your consultation.

The Law Offices of Melanie Tavare are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.