Chapter 13 - Steps
Below is an overview of the process in a Bankruptcy filed under Chapter 13.
1. File a petition with the bankruptcy court. Filing fees must be paid at the time of filing, however in the event the debtor is unable to do so, it is possible to pay in installments.
2. Within 15 days of filing or at the time of filing the initial petition, file the following schedules: (1) schedule of assets and liabilities, (2) schedule of current income and expenditures, (3) schedule of executory contracts and unexpired leases, (4) statement of financial affairs.
3. Filing the bankruptcy petition will automatically stay most collection actions against the debtor and his/her property.
4. A bankruptcy trustee will be assigned to the case. Between 20 and 50 days after filing the petition, a creditor's meeting will take place. In this meeting, the debtor is sworn under oath and can be asked questions by the trustee and creditors. The debtor must attend the meeting. If the filing is a joint bankruptcy by husband and wife, both must appear as well.
5. Unsecured creditors have 90 days after the first date set for the meeting of creditors in which to file claims. Failing to do so will result in an unsecured creditor not being allowed to participate in distributions from the bankruptcy estate.
6. Absent and extension, the debtor must file a repayment plan with the petition or within 15 days of filing the initial petition. Regardless whether the plan has been approved, payments must begin no later than 30 days after the petition for bankruptcy is filed.
7. No later than 45 days after the creditor meeting, the bankruptcy court will hold a confirmation hearing to decide whether the plan is feasible and meets the standards for confirmation pursuant to the Bankruptcy Code.
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