A Chapter 13 bankruptcy can be an excellent way to get out of debt while keeping your assets and getting back on track financially. Here are some tips to have a successful Chapter 13 bankruptcy.
Gather Your Financial Documents & Provide Them to the Bankruptcy Court on Time
When you file for a Chapter 13 bankruptcy, the court will request numerous documents, usually financial in nature. This may include pay stubs, previous tax returns, bank statements, and other forms of important documentation. These documents play a significant role in determining what your potential repayment plans may be, so it’s important that you gather these documents and submit them to the court in a timely manner. If you take too long to submit your documentation, the court may dismiss your case entirely.
Be Completely Transparent With Your Bankruptcy Paperwork
Something you never want to do is lie on your bankruptcy paperwork. Be completely transparent when you complete your bankruptcy paperwork and be sure to disclose everything in its entirety, including your income, debts, assets, expenses, and liabilities. Your case is likely to be dismissed and you may even face criminal prosecution if you are caught falsifying information on your Chapter 13 bankruptcy paperwork.
Work With Your Attorney to Come Up With a Repayment Plan You Can Afford
When the time comes during your bankruptcy, you will be asked to propose a repayment plan. Make sure it’s one you can afford. If you propose one that will stretch you too much financially, you stand a greater chance of being unable to complete the repayment. Your bankruptcy lawyer can assist you in determining what kind of payment plan you can afford and how to present that to the bankruptcy court. Make sure you make all payments on time during the repayment period and stick to your budget as much as possible.
Discuss Any Financial Status Changes With Your Attorney
Repayment plans for a Chapter 13 bankruptcy can last between 3-5 years, and it’s not uncommon for a family’s financial circumstances to change during this time. If your financial status changes, it’s critical that you reach out to your attorney as soon as possible before you miss any payments. Your attorney may be able to renegotiate payments temporarily on your behalf.
At the Law Office of Howard Tagg, we can help guide you through the process of filing for a Chapter 13 bankruptcy so you can get out of debt and start over with a clean financial slate. Contact us today for a consultation by calling (903) 581-9961.