Bankruptcy is not an easy process but if financial matters are to the point of needing to file, then it is good to know the risks. Chapter 13 Bankruptcy rules are defined that as long as an individual debt is less than $336,900 for unsecured debt and less than $1,010,650. for secured debts they are eligible to file Chapter 13 Bankruptcy. There are several financial documents to be filed with the court along with fees. To prepare documents it is required to have lists of: creditors and their claims, income sources and frequency of income, all property listed and a list of everything the debtor has as a monthly expense. These are all considered since the debtor has to satisfy all debts within a three year period.
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One major reason people file Chapter 13 Bankruptcy is to save their home. If a foreclosure has been completed before the bankruptcy is filed the home can still be lost. Under Chapter 13 Bankruptcy rules it is necessary for the home mortgage to be brought up to date within the three year period. If there is not enough evidence to support a debtor's claim that they can catch up payments then Chapter 13 Bankruptcy laws may not allow for a Chapter 13 Bankruptcy to proceed.
Filing personal bankruptcy puts everyone involved on notice. Under Chapter 13 Bankruptcy rules a trustee is appointed and they oversee any financial matters. No new credit is allowed. Chapter 13 Bankruptcy laws have changed and it has been recommended to seek legal counsel to have an expert available who can interpret the laws. It is not possible to file bankruptcy online. It is possible to download forms and to seek legal representation through the Internet.
Risks of filing bankruptcy are different between Chapter 7 and Chapter 13. Chapter 13 Bankruptcy allows more ease in processing while Chapter 7 Bankruptcy has more scrutiny. Since debts can be paid and assets retained it serves more for the benefit of a good return to financial stability to file Chapter 13 Bankruptcy. In the event that it is not possible to carry out the terms of a bankruptcy then a case can be dismissed and other options pursued. Due to legal representation needed it is best to consult a bankruptcy attorney. Use of the Internet for information can be very helpful and a resource for listing questions to prepare for consultation with legal counsel.
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