Chapter 13 : A Step by Step Guide
If you’re considering filing for a Milwaukee Chapter 13 bankruptcy, you’re probably wondering what steps are involved. The experts at Burr Law Office are friendly, knowledgeable, and ready to take on your case. The following is a sequence of steps you will likely run into if you’re getting ready to file.
The first step before filing is determining what type of bankruptcy is right for you. Generally speaking, Chapter 13 is an alternative to Chapter 7 for those who have meet three basic criteria: they have a regular income, they want to pay off their debt, and they need some time to pay it back. The process in a Chapter 13 will usually take a number of years, as a repayment plan is established around the outstanding debt. Attorney Michael Burr will help you determine if there are any special circumstances that occur.
Filing the petition is the second step in the process. This involves filing a schedule of assets and liabilities and reporting things like income, expenses, etc. Your bankruptcy attorney will help you complete all of this paperwork and ensure everything is up to par. Missing information will only prolong the process. Additionally, intentionally withholding information can lead to serious consequences.
The next step is setting up the repayment plan and meeting with creditors. Your bankruptcy lawyer will be with you for the entire process and will work with all parties to come to a fair agreement. After the creditor meeting comes the confirmation hearing in court. At this point the judge will determine if your repayment plan is feasible and meets Bankruptcy Code standards.
The last step is to start making payments. There is a 30 day window between the tim you file and the time you must start making payments, regardless of whether or not your plan is approved by the court.
If you have questions about Milwaukee Chapter 13 bankruptcy or would like help with debt relief issues, contact Burr Law Office today.