Filing a Chapter 13 Bankruptcy is an intensive and detailed process. There is a lot to consider when going through these steps. Today, we’re here to break down how to file electronically and some steps to help along the way.
Firstly, we make sure that the prior or related cases have been dismissed or discharged. If a case is still ongoing, there will be issues with attempting to file with the court and the trustee.
Property and Income
Going forward, it’s important to review the exemption list to make sure all unexempt property is covered. Typically, we’ll see exemptions such as homestead, wildcard, and motor vehicle. If a property isn’t covered by an exemption, you may have an issue with filing.
For a debtor’s property on a Chapter 13 Bankruptcy, there are a couple of options. If the property is outside of the plan, the debtor is on a re-payment plan. If there is an arrearage, that means they’re behind on the mortgages and the Trustee will be paying for it.
When it comes to the debtor’s income, it must be recorded for future use. This is because the income minus expenses will equal the excess amount for the re-payment plan.
Financial Affairs and Final Steps
When reviewing a debtor’s Statement of Financial Affairs, pay close attention to make sure details such as marital status and fees paid to the law firm are accurate.
When it comes to the Chapter 13 contract, it’s essential to review the document to ensure the attorney’s fees are correct. Also, make sure the re-payment plan amount matches the excess number from income and expenses.
Once you have reviewed all of the debtor’s details and double-checked, it is time to file! Each case management and filing program is different, so make sure to pay close attention to the instructions they’re providing you. Happy filing!
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