The timeline of a typical Chapter 13 bankruptcy case is three to five years by federal law. Bankruptcy debtors must be prepared to go through the process of meeting with an experienced bankruptcy attorney, taking credit counseling, measuring income and expenses, filing the case itself, providing information to the court and trustee, attending their 341 meeting and Chapter 13 plan confirmation hearing, and making plan payments, all before receiving a Chapter 13 discharge.
Although it may seem like an arduous process, a Chapter 13 bankruptcy case is an effective and efficient mechanism for helping any person gain a financial fresh start. Theron Morrison and the experienced bankruptcy attorneys at the Morrison Law Group may provide all the necessary assistance for the filing of a Chapter 13 bankruptcy case. Theron Morrison and the Morrison Law Group provide valuable assistance for clients throughout their Chapter 13 bankruptcy case, and even after they receive their discharges.
- The first step in the process is to evaluate whether filing a bankruptcy case is the best option. It is important to note that filing a bankruptcy case is not always the optimal solution. It is important to discuss every alternative with a Utah bankruptcy attorney in any situation where bankruptcy is under consideration.
- Once bankruptcy has been established as the best option, specifically a Chapter 13 bankruptcy case, the next step is to gather all the necessary Chapter 13 bankruptcy forms. Next, gather all the necessary information and documentation to complete these forms. The Morrison Law Group has a startup package for all clients, which provides all the information necessary to initiate a Chapter 13 bankruptcy filing. The helpful attorneys and staff at the Morrison Law Group will provide all the necessary assistance throughout the process of collecting and gathering the necessary documents to file a Chapter 13 bankruptcy case, including credit reports, evidence of monthly income and/or pay stubs, tax returns, bank, and other financial account statements, and any other documentation that may provide evidence of any debt obligations. Once this information has been gathered completely, it must be provided as soon as possible to the Morrison Law Group so that these necessary forms may be completed and filed.
- Before filing a Chapter 13 bankruptcy case is filed electronically online rather than physically at the courthouse, bankruptcy debtors must complete an online credit counseling course. The Morrison Law Group provides clients with the necessary information to complete this step with ease.
- Once the bankruptcy petition and its accompanying schedules and statements are prepared, the case is filed electronically online. The petition lists an estimate of the debtor’s current assets and liabilities, and the chapter, usually 7 or 13, under which the bankruptcy case is being filed. The required bankruptcy schedules and statements provide a summary of a debtor’s assets, liabilities, income, expenses, and other relevant information detailing his or her complete financial circumstances. These schedules and statements are also filed electronically with the federal bankruptcy court system.
- After the bankruptcy case is filed, the U.S. Bankruptcy Court will send a notice of the filing to the debtor’s creditors informing them of the bankruptcy filing and the effect of the automatic stay under federal bankruptcy law. This protection prevents creditors from garnishing wages or a bank account, as well as suing or contacting the debtor. Creditors may only contact a debtor’s attorney.
- Next, the Debtor must file and begin making payments on his or her Chapter 13 plan. Stay tuned for the next installment to learn more about the Chapter 13 plan payment process.
Talk to Theron Morrison and the Morrison Law Group about the timeline of a Chapter 13 case to better understand your bankruptcy options. Call 801.456.9933 today to schedule a FREE consultation. We have locations in Ogden, Logan, Sandy, and St. George to serve the residents of the counties of Weber, Cache, Salt Lake, Utah, Morgan, Davis, Washington, and surrounding areas.