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4 Steps to Starting a Chapter 13 Bankruptcy

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If you are facing financial difficulty, follow these steps to starting a chapter 13 bankruptcy. Filing bankruptcy can be an emotional process but following these steps will help ease the process.

Step 1. Create a Budget

Chapter 13 bankruptcy is a repayment plan where your income will be used to repay most or all of your debt. Having a budget will determine your repayment plan and whether or not you qualify for bankruptcy. Your budget should include all your income and debts.

Step 2. Hire an Attorney

A bankruptcy attorney can advise you on the process, help complete the necessary paperwork and work with the courts on establishing your repayment plan. Your attorney will also help you with the legal requirements during the process.

Step 3. Attend Credit Counseling

Everyone filing bankruptcy must attend a mandatory credit counseling course. The court can provide you with a list of approved agencies that provide training. You may select any one of these to attend.

Step 4. File Bankruptcy

Your attorney will take your paperwork and will submit the filing for you. The actual filing starts the bankruptcy process. The court will review your paperwork and assign you a court date to discuss your repayment plan.