Chapter 13 FAQs
Seek Answers to Your Chapter 13 FAQs Below & With A Local Chapter 13 Bankruptcy Lawyer
At Chapter13.Me, we know that you have a lot of questions about the bankruptcy process. We have compiled of list of Chapter 13 FAQs to help you answer some of the most common questions people have about filing Chapter 13 bankruptcy and taking the first step in controlling your own financial destiny.
With over one million people filing for bankruptcy at the end of 2007, you need to know the hard facts about filing Chapter 13 bankruptcy. If you need further assistance after reading our FAQs, just fill out our free bankruptcy case evaluation form or call 1 (888) 6323-0504. Once we receive your information, we will connect you with an attorney in your area.
Will filing a Chapter 13 petition hurt my credit rating?
Chapter 13 bankruptcy is designed to help you get back on good financial standing, but it is still a bankruptcy proceeding. Therefore, it will produce an unfavorable credit rating. However, paying your debts will help you rebuild credit and re-establish your financial footing. Plus, you can look at it this way: prior to filing bankruptcy, your credit probably wasn’t in the best shape. At least with a Chapter 13 filing, you have the protection of the automatic stay and the repayment plan to help you take charge of the mountain of debt you have been facing.
What if I am temporarily unable to make my payments under Chapter 13?
If you can’t make payments on a temporary basis, you can petition the court to obtain a modification. If things are not going according to schedule after you receive the modification, it may be best to convert to a Chapter 7 filing. Your bankruptcy attorney can help you with this if necessary.
What if someone co-signed on my debts?
If you have a co-signer on some of your debts that will be covered under Chapter 13, the automatic stay will apply to the co-signer as well. If the plan is structured to include the debt with the co-signer, he or she may be off the hook with the creditor as well.
My ex-spouse filed for bankruptcy. What should I do?
Remember those non-dischargeable debts we previously discussed? Well, alimony, maintenance and/or child support payments are included in that list and your ex-spouse must continue to make those payments. If there are certain joint accounts your ex-spouse has agreed to pick up the dime on, you can petition the bankruptcy court for an order to continue to have those obligations paid. Also, consulting an attorney of your own may not be a bad idea.
What if I forget to add a debt to my schedule, may I add it later?
Yes. If you forget to add a debt to you schedule, you can file an amendment with the bankruptcy court to include it.
Can a bankruptcy case be reopened?
Yes. The trustee can reopen a bankruptcy case if questions arise as to what was included or omitted from the plan. Also, it can be reopened if there are any perceived irregularities.
Get More of Your Chapter 13 FAQs Answered by a Local Bankruptcy Attorney
At Chapter13.Me, we want to help you take control of your financial future. To receive further assistance, just complete our free bankruptcy case evaluation form or call 1 (888) 632-0504. We will use this information to connect you with a bankruptcy attorney near you.