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Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is a reorganizational type of bankruptcy where the debtor creates a three to five year repayment plan. Immediately upon filing the bankruptcy petition, an automatic stay goes info effect which prevents creditors from making direct contact with the debtor or staking a claim to any of the debtor’s property from the date of filing. Chapter 13 is often used by individuals who want to become current on mortgage payments, car payments or have the financial ability to repay a portion of their unsecured debt.

Chapter 13 involves a detailed review by a Chapter 13 Trustee to determine whether your plan is feasible. The trustee must be satisfied that your plan meets with the legal requirements of the US Bankruptcy Code, will pay the anticipated creditor claims and that you have the financial ability to successfully complete the plan.

To prepare for your Chapter 13 we will perform an analysis of your financial situation including your debts, your property interests, your current or future income and your current and future living expenses. The reorganizational plan will be prepared based on your income, your living expenses and your ability to pay. A Chapter 13 will allow you to maintain a reasonable standard of living while you meet your responsibilities under your plan.

After your case is filed you will have to attend a creditor’s meeting. We will prepare you for this meeting and attend this meeting with you. If there is no opposition to your Chapter 13 plan, it will be recommended by the trustee for confirmation. You will have to start making payments on your Chapter 13 plan 30 days after your case is filed.

Once your plan is confirmed you must keep making regularly monthly payments for as long as the plan provides.

Please contact us for further information on filing a chapter 13 bankruptcy petition.

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Whether you are facing past due balances, creditors calling at all hours, credit card debt or the threat of losing your house, contact Berkowitz Law Group to speak with an attorney today to review the options available to you. We can defend a foreclosure action on your behalf, help you determine if you qualify for protection under the U.S. Bankruptcy Code by filing a Chapter 7 or a Chapter 13 Bankruptcy or initiate lawsuits within State and Federal Courts for Creditor Harassment.

At Berkowitz Law Group we are compassionate, experienced attorneys dedicated to helping you with your financial difficulties. We look forward to meeting you and educating you about your options so that you can confidently navigate your way out of your financial situation.

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