Do you think that a Chapter 13 bankruptcy in Ocala is the best type of bankruptcy for you? Filing a Chapter 13 bankruptcy means you need to use your income to repay all or some of what you owe to creditors over three to five years, depending on how much you owe. It is an alternative to the Chapter 7 bankruptcy and is granted if you are earning a regular income and would like to pay your debts but require a certain amount of time. You can determine whether this is the best bankruptcy for you with the help of Chapter 13 bankruptcy lawyers. They can also help you understand what to expect during the process.
Here are some of the steps involved in filing for a Chapter 13 bankruptcy:
1.File your petition.
Your Attorney will File the petition with Ocala's bankruptcy court. You must include a schedule of your assets and liabilities, unexpired leases, executory contracts, and current expenditures and income. You need to provide a schedule of exempt assets. Bankruptcy forms can be provided to you by Chapter 13 bankruptcy lawyers and they can also help you fill them out.
2.Pay the fees.
There are important fees that you need to pay for when filing for Chapter 13 bankruptcy. These include the court filing fee and the miscellaneous administrative fee. After filing the petition, the legal actions by your creditors are halted, which means they cannot garnish wages, proceed with their lawsuits, or harass you with phone calls to demand payment.
3.File your plan of repayment.
Your attorney can do this with the petition or within 15 days of filing the petition.
4.Attend the meeting of creditors.
The meeting is usually scheduled 20 to 50 days after you file a petition. You must attend this meeting with your attorney where creditors may ask questions about your financial situation or assets.
5.Be present at your confirmation hearing.
This will be held in court. A Chapter 13 bankruptcy lawyer will accompany you during this hearing, which will determine if you have a feasible plan of repayment and if it meets the standards of the bankruptcy code. Creditors may object to the confirmation, especially if they think that the payments are less than what they can get in a Chapter 7, or if your plan will not involve all of your projected disposable income for three years.
6.Start repaying your debt.
You need to start within 30 days after filing the plan, even if your payment plan is not yet approved by the court.
If it is not approved, you can change it with the help of Chapter 13 bankruptcy lawyer or consider switching to a Chapter 7 liquidation. Your lawyer can guide you through this process.
If you have questions about Chapter 13 bankruptcy in Ocala, call The Law Offices of Justin McMurray, P.A. for a free consultation. We provide legal representation and counsel helping clients with foreclosure and bankruptcy cases in Ocala, Florida. Our attorneys focus on individual needs and they will thoroughly prepare for your case and keep you informed throughout the process .
Learn more about Chapter 13 bankruptcy here at The Law Offices of Justin McMurray.