Hire the services of bankruptcy attorneys when filing for Chapter 13.
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by: carlfcgdhi
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1. You will be represented by a bankruptcy lawyer who will sign your petition as your representative.
2. You will be representing yourself. You will be acting as your own bankruptcy attorney.
If you are represented by a bankruptcy lawyer, the lawyer's responsibility is to help you get the right information in your forms and make the choices that will be most appropriate for your situation. If, on the other hand, you are acting as your own bankruptcy lawyer, you will be responsible for these same tasks. Although you can get a lot of information from different sources, the outcome of your case will solely depend on your performance. Chapter 13 bankruptcy is complex. Leave it to the experts - bankruptcy attorneys.
Bankruptcy attorneys are experts in their field. A bankruptcy attorney will explain to you your duties. The court will require you to sign a form that explains the following because it wants to be sure that you understand your rights:
1. the different types of bankruptcies
2. the services available from credit counseling agencies
3. the penalties for knowingly and fraudulently concealing assets or making a false statement under penalty of perjury, and
4. the fact that all information you supply is subject to examination by the employees of the U.S. Department of Justice.
Bankruptcy lawyers can help you with your Chapter 13 paperwork. A bankruptcy law firm will explain to you about the credit counseling requirements. Completion of a credit counseling course is a mandatory requirement for Chapter 13. You must submit the following to the court:
1. a workable plan to repay some or all of your debts over the plan period (either three or five years, depending on your income and Chapter 13 legal requirements)
2. proof that you've filed your federal and state income tax returns for the previous four years, and
3. a copy of your most recently filed IR S income tax return (or transcript).
Bankruptcy attorneys can assist you with your payment plan. A bankruptcy law firm is aware of the requirements of a payment plan. A payment plan must include:
1. Submission of all future income necessary to fund your payment plan,
2. Full payment of all claims entitled to priority under ?507 unless the Creditor agrees to less favorable treatment (? 1322(a)(2)) or the plan provides for all of your disposable income to be paid to the plan for a period of five (5) years (?1322(a)(4)), and
3. Treatment in kind of all claims of the same class.
The payment plan can:
1. Designate a class of unsecured claims, providing for treatment in kind of all such claims. Unsecured claims, for which a non-filing co-debtor is liable, may be treated differently.
2. Modify certain secured or unsecured claims.
3. Cure or waive a default.
4. Provide for payments to unsecured creditors to be made concurrently with secured creditors.
5. Provide for ongoing payments and/or for curing any default on any continuous claim.
6. Provide for payment of post-petition claims.
7. Assume, reject, or assign an executory contract or unexpired lease.
8. Provide for payments from property of the estate or of the debtor.
9. Vest the property of the estate in the debtor or another entity.
10. Allow interest to accrue on any non-dischargeable unsecured claim.
About the Author
Carl Hillfinger writes for attorney video directory and find a lawyer resource, Viewmylawyer.com, where you can find a lawyer and view attorney videos. Find a Bankruptcy lawyer at viewmylawyer.com attorney video directory.
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