If you are considering filing Chapter 13 Dallas bankruptcy protection, you have likely wondered about what the process will look like. Chapter 13 bankruptcies are tailored to an individual’s personal financial picture, and so the specifics will vary a great deal from case to case.
Chapter 13: The Process
First, you file your Chapter 13 petition with the court. This is the thing that sets all the rest of the case in motion. Once the filing is on the books, the automatic stay goes into effect, which prevents creditors from taking any further action to recoup debts you owe while the Chapter 13 proceeding is underway. Next, you will be appointed a trustee to oversee your case. At this point, your creditors have the opportunity to file any written objections they might have to your filing, whether they think you are ineligible or have other reasons to object.
At a certain stage before the Chapter 13 plan is approved by the court, there is a meeting of the creditors in which they raise formal objections, if they have any. This stage typically involves creditors raising objections to try and get the repayment plan modified to include more of the share heading their way.
Once your Chapter 13 plan is approved by the bankruptcy court, you begin to make payments under your Chapter 13 repayment plan. This repayment plan is the important part of any Chapter 13 filing since it is through this plan that you are able to receive discharge after the repayment term has run its course.