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What should I expect from a Chapter 13 bankruptcy?

When most people think of bankruptcy, they imagine liquidating many of their personal assets in order to pay off the debts that they owe. This is because when most people think of bankruptcy, they think first and foremost of Chapter 7 bankruptcy, which most accurately fits the stereotypical description. There are different types of bankruptcy filings, though, and for some people, Chapter 7 may not be the best option. Some individuals may benefit more from Chapter 13.

A Chapter 13 bankruptcy is usually more beneficial to individuals who have a significant income, or at least an income that is high enough that they could pay off their debts if given enough time. With a Chapter 13 bankruptcy filing, you are still expected to pay back your debts, but you develop a payment plan to repay the debts over a three to five year period. Because this form of bankruptcy is not as common, some people may not have much knowledge of it.

If you file for Chapter 13 bankruptcy, you will need to provide your income sources to the courts, as well as file other information and legal documents such as a copy of your most recent tax return. A bankruptcy attorney can help you gather and submit the files. There is also a fee for a Chapter 13 filing, and the payment plan must include administrative fees and priority debts.

One state's bankruptcy requirements could be slightly different from another's, so Texas residents who are considering a Chapter 13 bankruptcy filing are encourage to meet with a Texas bankruptcy attorney. Legal assistance can help you check every requirement off your list and also help you come up with a repayment plan that works for your circumstances.

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