Are you struggling with debt? Filing for bankruptcy may help you get your finances back on track! Chapter 13 will allow you to establish a plan to pay off your debts over a period of 3 to 5 years. Another benefit of this chapter is that it may lower your monthly payments. Here are 8 important facts about Chapter 13.
Will I Lose my House if I File for Bankruptcy?
Do you want to avoid losing your precious home? If you own a home, Chapter 13 will help you save it from foreclosure. However, if your mortgage provider ends up finishing the foreclosure sale before you file a petition, you may lose your house. You can also lose your house if you don’t make your mortgage payments that become due after you file for bankruptcy.
Will I Have to Attend any Meetings?
After you file a petition, your trustee will set up a meeting with you and your collectors.Your collectors and the trustee will talk with you at the meeting and ask questions about the plan and your financial situation.
Does my Plan Require Approval by the Court?
Your plan must be approved by the court. Within 45 days after the meeting, the judge will hold a hearing and decide whether your debt repayment plan meets the standards for confirmation set forth in the Bankruptcy Code. Keep in mind that your collectors will have a chance to object to the confirmation.
Where do I Send my Plan Playments?
This chapter acts like a debt consolidation loan under which a debtor makes the payments to a court appointed trustee. The trustee then distributes the payments to the debtor’s collectors. Within thirty days after filing for Chapter 13, you must begin sending payments to your trustee. You will have to make payments on a regular basis, usually bi-weekly or monthly.
What Happens if I Fail to Make my Plan Payments?
Make sure you make all the payments to your trustee. If you don’t make your plan payments, the judge may dismiss your case or convert it to a Chapter 7 case. The judge may also convert or dismiss your case if you don’t pay any domestic support obligations that are due after you file for bankruptcy such as alimony or child support.
Will Filing a Petition Stop Collection Actions?
Are your collectors harassing you? Filing under this chapter puts an end to most collection actions against you. After you file a petition, your collectors will not be able to empty your bank account, garnish your wages, initiate or continue lawsuits, or call you and demand money. If you file for this chapter, you will not have any direct contact with your collectors.
Find a Bankruptcy Attorney Today
Only you can decide if filing for Chapter 13 bankruptcy is worth it for you. If you decide to go for it, make sure you hire a qualified bankruptcy attorney. Bankruptcy is a complicated process. An experienced lawyer who knows the laws is absolutely necessary if you want to be successful!
Will I Lose my House if I File for Bankruptcy?
Do you want to avoid losing your precious home? If you own a home, Chapter 13 will help you save it from foreclosure. However, if your mortgage provider ends up finishing the foreclosure sale before you file a petition, you may lose your house. You can also lose your house if you don’t make your mortgage payments that become due after you file for bankruptcy.
Will I Have to Attend any Meetings?
After you file a petition, your trustee will set up a meeting with you and your collectors.Your collectors and the trustee will talk with you at the meeting and ask questions about the plan and your financial situation.
Does my Plan Require Approval by the Court?
Your plan must be approved by the court. Within 45 days after the meeting, the judge will hold a hearing and decide whether your debt repayment plan meets the standards for confirmation set forth in the Bankruptcy Code. Keep in mind that your collectors will have a chance to object to the confirmation.
Where do I Send my Plan Playments?
This chapter acts like a debt consolidation loan under which a debtor makes the payments to a court appointed trustee. The trustee then distributes the payments to the debtor’s collectors. Within thirty days after filing for Chapter 13, you must begin sending payments to your trustee. You will have to make payments on a regular basis, usually bi-weekly or monthly.
What Happens if I Fail to Make my Plan Payments?
Make sure you make all the payments to your trustee. If you don’t make your plan payments, the judge may dismiss your case or convert it to a Chapter 7 case. The judge may also convert or dismiss your case if you don’t pay any domestic support obligations that are due after you file for bankruptcy such as alimony or child support.
Will Filing a Petition Stop Collection Actions?
Are your collectors harassing you? Filing under this chapter puts an end to most collection actions against you. After you file a petition, your collectors will not be able to empty your bank account, garnish your wages, initiate or continue lawsuits, or call you and demand money. If you file for this chapter, you will not have any direct contact with your collectors.
Find a Bankruptcy Attorney Today
Only you can decide if filing for Chapter 13 bankruptcy is worth it for you. If you decide to go for it, make sure you hire a qualified bankruptcy attorney. Bankruptcy is a complicated process. An experienced lawyer who knows the laws is absolutely necessary if you want to be successful!
When it comes to filing for Chapter 13 Austin residents may be confused, intimidated or even not know where to go. Fortunately, knowledgeable professionals exist in the area to help. Learn more at http://www.bankruptcyattorneyofaustin.com/.
{ 0 comments... read them below or add one }
Post a Comment