Getting Started With Chapter 13

The decision to file for bankruptcy can be a tough one. While no one wants to end up needing bankruptcy protection it can offer some great benefits, especially in Chapter 13. Since a Chapter 13 bankruptcy is handled differently than a Chapter 7 case, it often requires different steps in preparation for the filing.

Before Filing

One of the most overlooked aspects of filing for either type of bankruptcy is document preparation. In a Chapter 13 case your assets and debts will be examined closely to determine the repayment plan that you can afford. It is essential that you have all of your financial information organized and available when entering a Chapter 13 bankruptcy case in order to maximize your chances of obtaining a budget friendly repayment plan.

Your list of assets is very important in this type of filing, as one of the main benefits of Chapter 13 is protecting assets from liquidation. Be sure all of your assets are listed accurately and do not  make any attempt to sell or transfer assets before you file.

Consulting with a bankruptcy attorney is always recommended before filing your case. They can help review your financial information, determine if there are any applicable bankruptcy exemptions that you may want to claim and help you obtain the best repayment plan with the court.