Chapter 13 bankruptcy is an arrangement where you can keep your assets, stop collection calls, and enter into a manageable payment plan that will give you a fair chance to get out from under your debt. Chapter 13 is a less severe filing than Chapter 7, as you are not asking for your debts to be wiped away, but rather reorganized and managed so that you can take care of them. Working with a qualified attorney to handle your Chapter 13 proceedings will ensure everything is done properly and in a timely manner.
There are a couple of steps to take before being granted Chapter 13 bankruptcy in the state of Alabama. First, you have to file your paperwork and have a meeting of the creditors (which occurs six weeks after filing). After that meeting, there will be a date set to have a confirmation hearing with the judge.
Once you have been granted bankruptcy, a debt repayment plan will be put into place. This plan will usually be structured to last between three and five years. Payments will be made every 30 days, and are based on the total amount of the debt. If you are able to adhere to your payment schedule, your debts will be resolved by the end of the payment plan.
Providing all of the needed documents is an important part of a successful Chapter 13 filing. Among other things, you will need to be prepared with the following –
• Driver’s license and social security card
• Last two tax return filings
• Previous six months of pay stubs
• Previous six months of back statements
• All of your outstanding bills
• Any pending legal action
When you call the office of attorney Ted Williams for assistance in your Chapter 13 filing, we will be happy to provide you with a free consultation. By working with an experienced attorney such as Mr. Williams, you can be sure that your filing will done properly and your debt problems will hopefully be on the way to resolution.