This post is part of our series dealing with Chapter 13 bankruptcy issues.
Today we'll look at the filing process and what you'll need to complete the transaction.
The forms used for Chapter 13 are the same as those used for Chapter 7. There is a lot of information that must be provided and it is very important that it be completely accurate. Along with this packet you'll have to file your last tax return and show that you're up to date with your taxes going back four years.
The heart of Chapter 13 is the repayment plan. You'll submit this plan along with your forms and also serve a copy on your creditors.
Each month you'll make payments toward your repayment plan. These payments will go to the trustee assigned to your case. He or she will then distribute these funds to your unsecured creditors. But you'll most likely continue to make monthly payments to your secured creditors, such as your mortgage lender.
The great thing about Chapter 13 is that you won't have to pay down all of your debts completely in order to finish your plan. Certain debts must be paid in full, however. These include family obligations, such as child support and alimony, and back taxes. But debts incurred from credit cards and medical expenses
