In this article, you can discover:
- How to determine eligibility for Chapter 13 bankruptcy
- The process and paperwork involved in a Chapter 13 bankruptcy filing
- Asset protection during bankruptcy and the potential outcomes of a Chapter 13 bankruptcy
Will I Qualify For A Chapter 13 Bankruptcy?
Qualifying for a Chapter 13 bankruptcy primarily depends on your ability to pay back all or some of your debts.
Could I Have Too Much Debt To Qualify For A Chapter 13 Bankruptcy?
Yes, there is a debt limit of $2.75 million for Chapter 13 bankruptcy. Normally, this isn’t a problem for our clients.
What Is The Process Of A Chapter 13 Bankruptcy?
The Chapter 13 bankruptcy process involves building a petition, creating a repayment plan, filing with the court, attending a meeting of creditors (341 meeting), and making payments under the plan, which typically lasts between 36 and 60 months.
What About The Filing Fees? How Can I Afford To Pay For A Chapter 13 Attorney?
The filing fees for a Chapter 13 bankruptcy are $313. Clients in Chapter 13 usually can pay attorney fees since they can make monthly payments to the trustee under the Chapter 13 plan.
What Paperwork Is Involved In A Chapter 13 Bankruptcy?
The primary documents required for a Chapter 13 bankruptcy are pay stubs, bank statements, and tax returns. Additional information about creditors will also be necessary.
Are There Exemptions In A Chapter 13 Bankruptcy That I Could Qualify For To Protect My Assets?
Yes, Iowa has strong exemptions, and most clients’ assets are protected in a Chapter 13 bankruptcy.
Can I Protect My Retirement Account In A Chapter 13 Bankruptcy?
Yes, retirement accounts are completely protected under Iowa law.
Why Would Someone Leave A Chapter 13 Bankruptcy Early?
Individual circumstances may cause a debtor to leave Chapter 13 early, such as changes in financial situations, or having accomplished their initial objectives within the plan.
What Happens If I Default On My Chapter 13 Plan Repayment Plan?
Defaulting on plan payments sometimes happens. Depending on the circumstances, we may be able to fix the problem without having to catch up on payments. In other circumstances, missing payments can result in dismissal of the bankruptcy case.
For more information on Qualifying For A Chapter 13 Bankruptcy, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (515) 276-7211 today.