Filing A Successful Chapter 13 Bankruptcy

Dealing with financial burdens can be stressful. If you find that your debt is mounting, then filing for bankruptcy might be your only way to find relief. A Chapter 13 bankruptcy allows you to generate a repayment plan that works within your budget so that you can pay off your debts without falling further behind.

Here are three tips that you can use to file a successful Chapter 13 bankruptcy in the future.

1. Create a realistic budget.

As you begin the Chapter 13 filing process, you will need to create a budget that lists all of your debts and your total monthly income. This budget will be used to determine if you meet Chapter 13 eligibility standards, and it will be used to help determine how much money you can afford to contribute toward your Chapter 13 repayment plan each month.

It's important that you are realistic when creating your budget. Include all debts and income sources, and be honest about the monthly amenities you can live without on a temporary basis while you are repaying your debts through a Chapter 13 bankruptcy.

2. Gather supporting documentation.

In addition to filing a petition with the court, you will need to provide supporting documentation if you want to successfully file a Chapter 13 bankruptcy in the future. This documentation allows the court to verify your financial standing, and plays an important role in your case.

Be sure that you make arrangements to obtain tax returns, bank statements, and pay stubs before you file your bankruptcy petition so that you will have these documents available to submit to the court in a timely manner.

3. Enlist the help of an experienced attorney.

When you make the decision to file a Chapter 13 bankruptcy, it can be beneficial to have the help of an experienced attorney, such as from Demers Gagnier Inc. There is an extensive amount of paperwork that must be filled out before the court will accept your bankruptcy filing, and any errors made on these forms could result in the dismissal of your case. An attorney will be able to help prevent these errors from sidelining your filing.

An experienced attorney will also be able to help you stay in contact with your bankruptcy trustee once your case is filed. You will need to provide ongoing documentation regarding your financial standing, and your attorney will be able to help you stay on track so that your case doesn't get dismissed.

Successfully filing a Chapter 13 bankruptcy can help you find relief from your financial stress. Be sure that you create a realistic budget, gather supporting documents, and work with an experienced attorney as you file for Chapter 13 bankruptcy in the future.