Filing for bankruptcy is often an intimidating and complex process. However, bankruptcy is one of the most effective means of dealing with debt and achieving a fresh financial start. While bankruptcy is not the solution in all situations, it is a flexible tool that is appropriate for many debt situations.
Chapter 13 may be particularly attractive to certain individuals because Chapter 13 can allow you to keep virtually all of your property and assets. Likewise, Chapter 13 bankruptcy is often a tool that can stop foreclosures and protect a family home. However, while certain relief – like the automatic stay, is immediate but temporary, permanent relief is contingent on your ability to confirm a valid Chapter 13 plan. Working with an experienced bankruptcy lawyer such as the attorneys of The Bankruptcy Group can increase the likelihood that your filing will be successful. To schedule a free and confidential consultation at our Folsom or Roseville law offices, call us at 1-800-920-5351 or contact us online today.
In total, the form packet is more than 107 pages and it is supplemented by more than 40 pages of instructions. These forms must be completed accurately and you must include all requested information, including your income, assets, and liabilities. If the court believes that you failed to include any of these items so that you could commit bankruptcy fraud, it may deny a bankruptcy discharge.
Once you have prepared the filings, you should file them with the appropriate court. Shortly thereafter, often about a month, you should expect to receive a notice regarding a creditor's conference. Your plan may be challenged by creditors or they may seek additional information about your bankruptcy plan. A plan confirmation hearing will follow where a bankruptcy judge decides whether your plan is feasible. If your plan is not confirmed, you will be required to make amendments to it. If your plan is not confirmed after multiple attempts, it is possible that the court will convert your petition to Chapter 7 or dismiss it entirely.
Once your plan is confirmed, you will need to ensure that you follow all aspects of it. This typically means that you will make timely payments to the bankruptcy trustee for the plan's three-to-five-year duration. If you complete your Chapter 13 bankruptcy plan, a bankruptcy discharge is granted. This discharge will eliminate the nonpriority, which is the unsecured debt that remains at the end of the plan. For many taxpayers, this could represent significant savings.
At The Bankruptcy Group, our bankruptcy attorneys understand that a single mistake or oversight can introduce significant complications to a bankruptcy. In some cases, it may even prevent all or partial relief from being granted. Our lawyers approach all matters meticulously and will endeavor to ensure that all filings are comprehensive and accurate. To discuss how we may be able to assist you with a Chapter 13 or another bankruptcy filing, call The Bankruptcy Group at 1-800-920-5351.