Chapter 13 Bankruptcy Requirements

By James Witherspoon

If you have find yourself in a financial crunch, and you are deciding to opt out by filing for Chapter 13 bankruptcy, there are several steps you must take to have your application reviewed and accepted by the US Bankruptcy court. Failure to meet any of the following requirements may result in a cancelled or denied bankruptcy application.

Round One

When you send in your initial bankruptcy application, there are several documents that you must compile and mail together, including:

• Bankruptcy filing fees

• Voluntary petition to officially declare bankruptcy (Official Form 1)

• Mailing Matrix- A list of all creditors to whom you owe debts

• Statement of social security number (Official Form 21)

• Proof of credit counseling

Round 2

After you have sent in the forms listed above, you will have 14 days to send another round of paperwork. Failure to send the following information within 2 weeks of your original bankruptcy application may result in an incomplete or denied filing. In round 2, you must include:

• Schedules that detail debts and creditors

• Notice to debtor of credit counseling and bankruptcy options (Official Form B201)

• Statement of Financial Affairs (Official Form 7)

• Statement of Current Monthly Income (Official Form 22C)

• Chapter 13 Repayment Plan, which must include length of plan and method of payment to creditors

While filing for bankruptcy may offer you a chance to recover from debt, there are strict application and repayment deadlines. Additionally, paperwork will contain complex legal jargon that may frustrate and confuse individuals who try to file independent of an attorney.

To ensure that your best interests are met, you should speak with an experienced bankruptcy attorney about your legal options. For more information about or assistance with filing for Chapter 13 bankruptcy, contact the New Orleans bankruptcy attorneys of Kervin & Young, LLC today.

James Witherspoon

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