What Happens During The Chapter 13 Process
There are many reasons for choosing a Chapter 13 bankruptcy rather than a Chapter 7. The specific facts of your financial situation will determine which type of bankruptcy is right for you. Assuming that you do decide on Chapter 13, your bankruptcy timeline is likely to go something like this:
- Your first step will be an initial consultation with a bankruptcy law attorney. If Ben Sissman, Attorney at Law represents you, I will ask you to bring documentation of all your debts, income and assets to that free consultation.
- After your initial consultation but before your next one, you will need to complete credit counseling as required by law. This can be completed online or by phone. It is not expensive and doesn’t take long.
- The next time we meet, you will review and prepare to sign your bankruptcy petition.
- About 30 to 45 days after your bankruptcy filing, we will meet again as you attend your 341 creditors’ meeting.
- Not long after your 341 meeting, there will be a confirmation hearing.
- When your repayment period is completed, you will receive notification of your debt discharge if all goes well, as is usually the case.
- Your repayment period will normally last three to five years.
- At the end of your repayment plan, remaining unsecured debt will be discharged.
- A number of requirements around the end of your repayment period may prolong the completion of your Chapter 13 bankruptcy.
Free Initial Consultation | Memphis Chapter 13 Bankruptcy Attorney
The law office of Ben Sissman is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.