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How to File for Chapter 13 Bankruptcy

Law Office of Victor Druziako, P.C. Nov. 13, 2023

Bankruptcy Chapter 13 form and gavelChapter 13 bankruptcy, often referred to as the "repayment plan" bankruptcy, can provide immediate relief from debt while allowing you to protect your assets. It's a viable option for individuals with a steady income who are struggling to manage their debts. As your bankruptcy attorney, I'll walk you through the process step-by-step, explaining how it works and how it can benefit you. 

If you're thinking about filing for bankruptcy, know that you're not alone. I've helped many people in your situation, and I understand how daunting it can be. But remember, filing for bankruptcy doesn't mean the end of the road—it's a chance for a fresh start. As an attorney at the Law Office of Victor Druziako, P.C., I'm here to guide you through the process of filing for Chapter 13 bankruptcy and help you regain control of your finances. 

What Does Chapter 13 Bankruptcy Do?

Chapter 13 bankruptcy allows you to restructure your debts into a manageable repayment plan that spans three to five years. Unlike other forms of bankruptcy where you may have to liquidate your assets, Chapter 13 lets you keep them. This means you can keep your home, your car, and other valuable possessions while working towards becoming debt-free. 

One of the immediate benefits of filing for Chapter 13 bankruptcy is the automatic stay—it halts all collection attempts by creditors. That means no more harassing phone calls, no more foreclosure proceedings, and no more repossession of your assets. It also provides an opportunity for you to catch up on past-due payments, such as mortgage or car loan arrears, keeping your home and vehicle safe from repossession. 

What Is the Process for Filing for Chapter 13?

The first step in filing for Chapter 13 bankruptcy involves gathering detailed information about your finances. This includes your income, expenditures, assets, liabilities, contracts, and any other relevant financial details. I'll use this information to develop a manageable repayment plan tailored specifically to your situation. 

Next, you'll need to complete a mandatory credit counseling course. Don't worry—I can help you find an approved provider. Once you've completed the course, you'll receive a certificate which needs to be submitted along with your bankruptcy filing. 

After your paperwork has been submitted, you'll be notified of the 341 meeting of creditors. This is a crucial step in the process where you'll provide important documents such as tax returns, bank statements, and pay stubs to your trustee. I'll be there with you during this meeting, addressing any questions or concerns that may arise. 

Your creditors will have the opportunity to contest any details in the plan and request changes. This is because the repayment plan prioritizes high-priority debt, followed by secured debt, and then unsecured debt. Rest assured, I'll advocate for your best interests, ensuring your rights are protected throughout these negotiations. 

Once the court confirms your plan, you'll start making payments—typically the month after you file. After completing your repayment plan, any remaining dischargeable debt will be wiped clean, giving you a fresh start. 

The above is a general overview of what the process may look like. It's always recommended to consult with a qualified attorney, such as myself, for personalized guidance regarding your specific situation.  

Retain a Skilled Bankruptcy Attorney for Best Results

Filing for Chapter 13 bankruptcy can feel overwhelming, but you don't have to go it alone. As an experienced bankruptcy attorney, I can guide you through the process, ensuring everything goes as smoothly as possible. 

I can help you understand the eligibility requirements for Chapter 13 bankruptcy, assess your financial situation, and determine whether it's the right option for you. I'll assist in gathering the necessary documentation, preparing your bankruptcy petition, and developing a comprehensive repayment plan that fits your circumstances. 

During the 341 meeting of creditors, I'll represent you and handle any challenges or objections from creditors. I'll ensure your rights are protected and advocate for your best interests throughout the bankruptcy process. 

If you're considering filing for Chapter 13 bankruptcy in Vineland or anywhere throughout South New Jersey, don't hesitate to reach out to me at the Law Office of Victor Druziako, P.C. I'm here to provide the support and guidance you need during this process. 

Representing Clients With Care

Filing for Chapter 13 bankruptcy can be a powerful tool for individuals facing overwhelming debt. It provides a structured path to restructure your debts, protect your assets, and regain control of your financial future. With my help at the Law Office of Victor Druziako, P.C., you can navigate the process with confidence and work towards a brighter financial future. 

Remember, bankruptcy isn't a sign of failure—it's a chance for a fresh start. If you're considering filing for Chapter 13 bankruptcy, don't hesitate to reach out to me. I'm here to help you navigate the complexities of bankruptcy and guide you toward financial stability.