Filing Chapter 13 Bankruptcy With Your Crow Wing County Bankruptcy Attorney

When you consider filing for bankruptcy, the first step before filing for bankruptcy is to obtain all of your personal financial information

. Prepare a list that has all of your debts, both secured and unsecured. Copy your tax returns for the past three years, any deeds to real estate you own, all titles to the cars you own and all loan information.

There are two types of personal bankruptcy. You may file for Chapter 13 or Chapter 7. You will need to complete the appropriate bankruptcy forms. These forms, referred to as the schedules, requires to you to complete in detail your current financial status and recent financial transactions. If you file under Chapter 13 bankruptcy, you must submit a proposed repayment plan with your petition. Once you have completed the bankruptcy petition, your attorney will file the petition with your local United States bankruptcy court. The filing fee for a chapter 13 bankruptcy is $185.

Upon filing your Chapter 13 petition with the bankruptcy court an automatic stay goes into effect. This stays specifically prohibits creditors from making direct contact with you regarding the debt from the date of filing. Approximately within 45 days after filing bankruptcy, the trustee will call a first meeting of creditors. This meeting is called a 341 meeting that requires the presence of the debtor. It is highly unlikely that creditors will attend the 341 meeting even if there are specific questions about the bankruptcy filing. Objections are usually resolved by negotiation between the debtor or the debtor's counsel and the creditor. If a compromise is not reached, a judge will intervene. The meeting of creditors is a very short meeting, typically under ten minutes. If no challenges are raised, you will receive a notice from the bankruptcy court, usually within six months that the bankruptcy is discharged. For further information, please contact your Crow Wing County Bankruptcy Attorney.

by: Peter Buh

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