Documents Required in a Chapter 13 Bankruptcy

Documents Required in a Chapter 13 Bankruptcy

Bankruptcy is a very complex legal matter that requires a significant amount of financial documents to prove the status of one’s current economic situation. Before one’s initial meeting with a bankruptcy attorney, it is a good idea that they collect as many of their financial documents as they possibly can in an effort to come to the meeting prepared so the attorney can truly assess their situation. When an individual is preparing to file for a Chapter 13 bankruptcy, it is important that they are aware of the documents that will be required to file.

The individual should be sure to collect all of their tax returns, a list of every creditor they owe money to, income statements, bills, and more. In addition, Chapter 13 bankruptcy will also require that the individual files a repayment plan that will be created at a meeting of the creditors. The plan has to detail exactly how the debtor will repay their creditors in either the three or five year period after the bankruptcy. It is important to be aware that one must contribute all of their disposable income to the repayment plan in an effort to pay back as much as possible. The exact amount can be determined by the means test in combination with an assessment of all of one’s permitted expenses.

If you have questions about filing for a Chapter 13 bankruptcy,  contact our firm today.

Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation. 

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