Information submitted to the court in a Chapter 13 case

Chapter 13 bankruptcy features several advantages for Mississippians pressured by debt. This type of bankruptcy offers debt relief via a three-to-five-year plan of manageable payments. Chapter 13 can also stop creditor harassment and foreclosure in addition to helping an individual get back on their feet financially. Finally, most individuals in Southaven are likely to be eligible for Chapter 13, as the main requirements are one's unsecured debts are less than $383,175. An additional requirement is that secured debts must be less than $1,149,525.

If one is eligible to file for Chapter 13 bankruptcy, what types of information will need to be provided to the court? A professional bankruptcy attorney can take care of the filing for a debtor, although the debtor will need to provide their lawyer with certain important pieces of financial information. This typically includes a comprehensive listing of all of one's creditors as well as the amounts of the claims each creditor has. Then, information about the debtor is provided: their income, including frequency and source, their expenses including taxes and a listing of all of their property.

An individual can file for Chapter 13 bankruptcy in a joint petition with their spouse. However, married individuals can also file by themselves. In any case, a married person filing for Chapter 13 must gather the same type of information regarding their spouse, even if the spouse is not filing for bankruptcy. This is because the trustee must be able to evaluate the financial situation within the household.

There are many key documents in a Chapter 13 bankruptcy case, from schedules detailing assets and liabilities to statements of financial affairs. A bankruptcy attorney can ensure a filer has all the documents needed to successfully file Chapter 13 and obtain a fresh financial start.

Source: USCourts.gov, "Chapter 13 - Bankruptcy Basics," accessed May 31, 2015

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