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Common Concerns & Questions About Bankruptcy

What basic information is required when filing for Chapter 13?

| Nov 5, 2015 | Chapter 13 |

Chapter 13 bankruptcy is an option for people in Texas who are having financial issues. Chapter 13 bankruptcy is a method to deal with foreclosure issues, stop creditor harassment and improve financial standing. With that, it is imperative to understand the basics of the filing and what information must be provided to properly complete it. A debtor is required to provide all the correct information and follow other rules.

There must be a list of the creditors, the amounts they are owed and the nature of the claims they have in the filing. The debtor’s income must be listed including where it comes from, how much it is and how often it is received. The debtor’s properties must be listed. And, there must be a list of the monthly living expenses of the debtor including the utilities, transportation costs, taxes, shelter, food, clothing, medications and anything else that is paid for in living costs.

Those who are filing for Chapter 13 and are married must also gather the information related to the spouse even if it a joint petition, separate petitions filed individually or if the one spouse is filing and the other is not. When one spouse is filing, the income and expenses of the spouse who is not filing for Chapter 13 must be provided. This is so the court, the creditors and the bankruptcy trustee can complete an evaluation of the financial circumstances of the household.

The requirements of Chapter 13 might seem to be arduous and complicated, but they are key to the filing and having it completed as planned. To make certain that the entire process goes correctly, it is wise for a person making the decision to file for bankruptcy through Chapter 13 should speak to a legal professional to make certain it is the correct option and that it is filed in the proper manner.

Source: uscourts.gov, “Chapter 13 Bankruptcy Basics — How Chapter 13 Works,” accessed on Nov. 2, 2015