Chapter 13 Bankruptcy in Riverside

The Chapter 13 Bankruptcy is a more complicated legal process so it is always recommended that you file this with the assistance of some experts in legal matters. The whole concept of a Chapter 13 bankruptcy is reorganization of debt. This will require a debtor to pay the trustee a certain amount in a monthly basis for the duration of three to five years. The payment would depend on debtor’s monthly income and expenses.

What will happen is that the disposable income of the debtor will be paid to the Trustee and this will be distributed to all the creditors. There is a priority in the distribution of this money and also would depend on the amount due to the creditor. If the debtor is successful in his payment under the Chapter 13 Plan, other remaining debts would be dismissed.

Chapter 13 Requirements

The same as with the Chapter 7 Bankruptcy, the Chapter 13 also have some requirements. However, you do not have to worry about this since your attorney would help you determine all these requirements. The process of Chapter 13 is also quite the same with Chapter 7. After the filing, an automatic stay is issued to prevent any collection to continue. A meeting for creditors would also commence.

Confirmation Hearing

After the meeting of Creditors, around three weeks after the meeting, there will be a Confirmation Hearing. In this meeting, the judge will hear any disputes regarding the case. There are cases where there will be problems with the debtor and creditors so this has to be brought to the judge. Most of time, both parties would come into an agreement that is why hearing in court is not anymore needed. If there will be no conflicts anymore in both sides, the judge will sign the plan.

Free Consultation

If you’re filing for Chapter 13 Bankruptcy, we gladly offer our service. Contact Riverside Bankruptcy for a Free Consultation. We will help you to find a suitable solution.

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