Filing for bankruptcy is not something that anyone should take lightly. The process is quite intensive. Chapter 13 bankruptcy is especially complex, because under this type of bankruptcy a filer will be required to pay down most of their debt through a court-ordered repayment plan.

Below is a list of steps that someone will need to take to successfully file for a Chapter 13 bankruptcy:

• Make sure Chapter 13 is the right choice – This first step to filing for bankruptcy is to determine whether Chapter 7 or Chapter 13 is the right choice. This requires a potential filer review all their assets and liabilities, as well as their income. If the debt to income ratio is low enough, then a Chapter 13 bankruptcy may be a good option.
• Complete the bankruptcy forms – The process of filing for bankruptcy requires filers fill out a lengthy packet of forms. Essentially, the forms require filers to disclose all their assets and debts, and come up with a draft repayment plan.
• Attend the requires credit-counseling course – Before anyone is permitted to have their debts discharged through a Georgia bankruptcy, they must take a credit-counseling course. These courses are readily available, and provide attendees with a certification that must be attached to their filing.
• Officially file the bankruptcy petition – The next step is to pay the filing fee and formally file for bankruptcy. Filers must include the bankruptcy packet, credit-counseling certificate and a draft repayment plan. The filing fee is currently $310.
• Provide the bankruptcy trustee the requested information – Once the case is officially filed, a bankruptcy trustee is appointed. The next step requires filers provide the trustee with all their financial information, including pay checks and tax returns. The trustee will compare these documents with the information contained in the bankruptcy paperwork to verify the packet’s accuracy.
• Attend the hearings – Typically, a Chapter 13 bankruptcy requires filers attend two hearings. The first is a meeting called the 341 meeting of creditors. While creditors are permitted to attend, they rarely do, and most 341 meetings are between the bankruptcy trustee and the filer. The second meeting is a confirmation hearing where the judge overseeing the proceeding will hear objections from creditors and determine if the bankruptcy will be approved.
• Make payments – Once a Chapter 13 bankruptcy plan is confirmed, a filer must make their first payment within 30 days. If the filer fails to make a timely payment, the court can dismiss the bankruptcy.
• Take a debtor-education class – At some point before a filer completes their Chapter 13 repayment plan, they must take a second debtor-education course. The certificate obtained at the conclusion of the course must be filed.
• Discharge – Once a filer completes the terms of bankruptcy repayment plan, the court will order the filer’s remaining unsecured debts discharged. Of course, some unsecured debts, such as student loans, cannot be discharged.

Once a filer’s debts are discharged, the process is complete and they can continue working toward their new financial future.

If you are considering filing for a Georgia bankruptcy, and are not sure what type of bankruptcy is right for you, and whether your debts are likely to be discharged, contact the dedicated Georgia bankruptcy attorneys at the law firm of Morgan & Morgan, P.C. To learn more, call 706-510-3920 to schedule a free consultation today.

Christopher Ross Morgan

Christopher Ross Morgan

Christopher Ross Morgan focuses on bankruptcy cases, specifically Chapter 7 and Chapter 13 cases. Christopher also takes on Disability and Workers’ Compensation cases. As one of the most accomplished Chapter 7 and Chapter 13 attorneys in Athens, Georgia, he has fought cases through jury trials and argued cases in front of the U.S. District Court, Northern and Middle District of Georgia.