The Quick and Easy Chapter 13 Bankruptcy Filing

The Simplest Way to Reorganize Your Debts in Bankruptcy

The Quick and Easy Chapter 13 Bankruptcy FilingWhen you’ve determined that a bankruptcy petition is the best way to deal with overwhelming debt and get a fresh start, and you want to keep your property (if possible), your best option is a Chapter 13 reorganization. While such a filing will customarily take more time and effort than a petition under Chapter 7, there are actions you can take to help complete the process with less difficulty.

Minimize the Secured Assets You Own

If you have debts secured by collateral, a Chapter 13 filing will generally be more complicated, as the court will have to establish priority among your creditors. You can’t favor certain creditors by paying them off just prior to a bankruptcy filing—payments made to creditors within 90 days prior to a bankruptcy are considered to be improper “preferences” and may have to be paid back. If the payment was made to someone considered an insider, the time period may be as long as one year.

Put a Plan in Place

In Chapter 13, you must formulate a plan to repay your creditors. That plan must be approved by both your creditors and the bankruptcy court. It’s in your best interests to work directly with creditor to make arrangements that you can afford. You’ll only waste time if you enter into a repayment agreement with a creditor, but the bankruptcy court rejects it.

Get the Best Job You Can

One of the quickest ways to get a reorganization plan approved is to show the court and your creditors that you have a reliable job that will allow you to meet your obligations.

Contact Heath, TX Bankruptcy Attorney Carrie Weir

I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.

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Call Rockwall bankruptcy lawyer Carrie Weir at 972-772-3083 or fill out the contact from below for a free, confidential consultation to discuss your options.

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