Chapter 13 Bankruptcy

Unlike a Chapter 7 Bankruptcy which involves “liquidation” of assets, a Chapter 13 Bankruptcy is known as a “reorganization.” This allows the debtor and attorney to create a three to five year plan to repay creditors while providing more manageable payments for the debtor. The debtors payments are disbursed to the creditors through a court appointed trustee. After the plan has been completed the debtor will receive a discharge by the court. One of the most consumer friendly advantages of filing a Chapter 13 bankruptcy is that it actually allows the consumer to cure a default on a loan. By making payments of a previous amount owed coupled with future payments in a reasonable time frame, a debtor will be able to cure the default. Chapter 13 allows the debtor to catch up and make past payments while making manageable payments on existing debt.

When you’re deeply in debt climbing your way out seems impossible. You want to pay back what you owe, but mounting financial pressures and the cost of ordinary living make paying off debts seem a far away dream.

In these cases filing for Chapter 13 bankruptcy can be the extra boost you need to start paying back debts and restore your good credit.

Sky Law Group specializes in helping individuals file for Chapter 13 bankruptcy and establish viable repayment plans for debts. As a qualified bankruptcy attorney and Chapter 13 expert, Sky Law Group has helped numerous debtors recover from their debt and return to living financially healthy lives.

We’ll help you with all the particulars and paperwork involved in establishing Chapter 13, including:

  • Free Initial Consultations
  • Analyzing your debt
  • Determine eligibility and gauge your income
  • Establish your property end exemptions
  • Complete and file all forms
  • Represent you at hearings and help negotiate a payment plan with creditors

Beyond guiding you through the Chapter 13 process, Sky Law Group will instruct you as to the best course of action. Chapter 13 isn’t for everyone, and there are numerous factors to consider. No matter your situation, you can always trust Sky Law Group to provide honest legal counsel that helps with your debt.

Start Paying Back Your Debt With the Help of Sky Law Group!

To schedule a free consultation, please call Sky Law Group today!

What to Bring to Your Appointment

(1) Please print out, fill out and bring your intake form – if you have/had a job, use this one. If you’re self-employed – use this one.

(2) Also please bring your Schedule I & J form, downloadable here.

(3) List of Required Documents (Fax to our office)

In order to properly process your case, all items need to be taken with you for your appointment. Please carefully read the list below and initial next to all items that you brought with you. We need all required documents within 48 hrs of the scheduled appointment. Failure to provide the requested information may result in bankruptcy not being filed or dismissed by the court.

  • A Copy of your current Driver’s license or State ID
  • A Copy of your Social Security Card
  • A Copy of your six (6) most current and consecutive pay stubs
  • A Copy of your six (6) most current bank statements
  • A Copy of your last 4 yrs income tax returns
  • A Copy of your vehicle insurance “Declaration Page” and home insurance
  • A Copy of your monthly mortgage statement or coupon stub
  • A Copy of four (4) most current Social Security, AFDC, Aid, or Support Stmts
  • (Business or Self Employed) A Copy of your tax return statement for the last (4) years
  • (Business or Self Employed) A Copy of last six months of personal & business bank Stmts
  • (Business or Self Employed) A Profit and Loss Stmts for last six (6) months
  • (Business or Self Employed) DBA and/or Business License & Insurance
  • A Copy of contributing parties pay stubs to verify income

**Any credit card, medical, garnishments, lawsuits and/or collections account debt information (need name of creditor, address, ending balance, account number, type of credit and last purchase made.)**

Chapter 13 Bankruptcy Courses Before and After

It is important to remember that PRIOR to filing bankruptcy, you must take a credit counseling course and AFTER you file a debtor education course. These courses can be taken on the phone or internet and a link to each is provided below:

(1) Credit Counseling Course: http://www.moneymanagement.org
(2) Debtor Education Course: http://0worriesfinancial.com/index-2.html

Steps AFTER Your Chapter 13 Case Has Been Filed

If you have filed a Chapter 13 bankruptcy to protect your home it is important you follow these steps:

Your mortgage payments are due the month after you have filed for bankruptcy. (For example, if you filed bankruptcy in January your mortgage payment will begin in February). Mortgage payments are due by the 1st of each month and are considered late by the 15th of the month. Please make sure you use certified funds ONLY to make your mortgage payments and court payments NO personal checks are permitted.

You must provide our office with:

(1) A copy of the cashiers check or money order for your mortgage payment along with

(2) a certificate of mailing from the local post office which provides proof your mortgage payment has been sent.

At your first court appearance which is on average about 30 days after you file your bankruptcy you MUST bring (1) Your social security card, (2) Drivers License and (3) your Court Payment (Cashiers check or money order payable to the Chapter 13 trustee) It is imperative you keep good records of all payments throughout your bankruptcy.