Many people are under the impression that declaring bankruptcy is an act of defeat. On the contrary, it is often a great way for you to regain control of your financial future when you are drowning in debt. There are a few different types of bankruptcy you may be filing, but a Chapter 13 bankruptcy declaration means that you will be repaying your creditors over a period of three to five years.
However, filing for bankruptcy isn’t as simple as deciding to do it. There is paperwork that will need to be filed as well as other supporting documents that the courts will need to receive before your petition to declare bankruptcy is granted. If you want to better prepare for Chapter 13 bankruptcy, continue reading.
Your Statement of Financial Affairs
When you first file your Chapter 13 bankruptcy petition, you will need to include a statement of your financial affairs. This document includes information about your creditors, your debts, how much money you bring in, your living expenses, and your property and assets, among other things.
If you are married, your spouse’s income and financial information will also need to be included, even if you are not declaring bankruptcy jointly. This is because the bankruptcy courts will need to have a clear understanding of what your household’s financial state is like before they are able to grant your request.
Writing Your Chapter 13 Reorganization Plan
Another important document you’ll need to submit is your Chapter 13 bankruptcy reorganization plan. This document will describe who your creditors are, the debts you owe them, and how you will repay them over the three to five year span that’s allowed.
It is worth noting that your creditors will have the opportunity to raise objections to your reorganization plan, so you’ll want to work with your bankruptcy attorney at length to come up with a repayment plan that is both feasible for you and acceptable to your creditors.
Contact an Indiana Chapter 13 Bankruptcy Lawyer
If you’re considering a Chapter 13 bankruptcy declaration but aren’t sure where to start, consult an Indiana bankruptcy lawyer at Rowdy G. Williams Law Firm as soon as possible. We’ll work with you to structure your reorganization plan and ensure that all necessary paperwork is filed so your bankruptcy petition is approved in a timely manner.
When you’re ready to take that first step toward living debt-free, pick up the phone and call our firm at 1-812-232-7400 or complete the brief contact form below to schedule your free case review today.