3 Tips To Help You Get Through A Chapter 13 Bankruptcy

Law Blog

Bearing the burden of financial debt can be challenging. If you are unable to meet your financial obligations, bankruptcy could be a viable option to help you regain control over your financial future. Filing for a Chapter 13 bankruptcy allows you to avoid collections while repaying your debts.

Here are three tips that you can use to help get through the Chapter 13 bankruptcy process with ease.

1. Maintain accurate financial records.

The amount of paperwork required to successfully file for a Chapter 13 bankruptcy can be daunting. In order for your case to go through, you must provide the bankruptcy trustee with detailed reports of your financial situation. These reports include copies of financial records like pay stubs, income tax returns, bank statements, and bills from creditors.

You will be required to submit financial update throughout the course of your bankruptcy, so it can be beneficial to get into the habit of maintaining detailed and accurate financial records prior to filing your case.

2. Stay in close contact with your trustee.

Once you file for a Chapter 13 bankruptcy, you will be assigned a trustee that will oversee the distribution of your monthly payments to creditors. The trustee plays an important role in the bankruptcy process, so it's essential that you remain in constant contact with this individual throughout the course of your repayment plan.

Carefully monitor your mail for ledgers sent by the trustee which provide a detailed accounting of your repayment plan. If you notice anything that looks out of place, contact your lawyer and the trustee immediately to make corrections so that your Chapter 13 bankruptcy stays on track.

3. Be prepared to deal with changes during your repayment period.

Life can be unpredictable and, despite your best efforts to budget and plan, you may find yourself unable to adhere to the terms of your Chapter 13 bankruptcy repayment plan.

It's important that you contact your attorney immediately if you are struggling to make your monthly payment. Your attorney can help you petition the court for a temporary suspension of your payments, an extension of your repayment period, or a conversion of your Chapter 13 bankruptcy to a Chapter 7 bankruptcy. Being prepared to deal with changes during your repayment period will help your case run more smoothly.

Filing for Chapter 13 bankruptcy can be a daunting process. Ensure that your case goes smoothly by maintaining accurate financial records, staying in contact with your trustee, and being prepared to deal with changes to your financial situation during the repayment period. Visit a site like http://www.reppelaw.com for more help.


4 July 2017