How to File for Chapter 13 Bankruptcy without a Lawyer
Bankruptcy is a viable means of settling your debts when they become overwhelming. If you have predictable, regular income, you may wish to file for Chapter 13 bankruptcy. If you don't want to deal with a lawyer or his inevitable fees, you can file the papers for bankruptcy yourself.
- Difficulty:
- Moderate
Instructions
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1
Understand what differentiates Chapter 13 and Chapter 7. Chapter 7 does not require that you make any payments to your creditors, but it does mean that you will lose all of your valuable and nonexempt property, such as a coin or stamp collection, family heirlooms or a second car. Chapter 13 allows you to keep your assets, but you must regularly make payments for three to five years.
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2
Download the forms for Chapter 13 (see Resources). You will need forms that cater to Chapter 13 and forms that refer to all forms of bankruptcy as they are outlined on the U.S. Courts Web site. Print them if you intend to file by paper, but you have the option to file electronically.
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3
Follow the directions on each form to complete them. Alternatively, you can get a bankruptcy kit that will give you all the forms you need.
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4
Create a payment plan. This explains your predicted income over the course of three to five years and how you plan to make your monthly or biweekly payments on top of your typical monthly expenses. This plan needs to be approved by the court.
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5
File your paperwork. If you are filing electronically, you should make sure you save a copy of your paperwork onto your computer for archival purposes. Print them for a hard copy.
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6
Contact a credit counselor. You must attend two sessions of credit counseling when you file for Chapter 13 bankruptcy. The first session will consist of a 10-minute phone call. Upon the conclusion of the phone call, you will be provided with a certificate number that you must write down and keep safe.
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7
Attend a meeting of creditors. This will happen between four and six weeks after you have filed your bankruptcy papers. During the meeting, your court-appointed trustee will ask you questions about your income and your debts. Most of your creditors will likely attend, especially if they do not like the plan that you came up with.
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8
Attend the second credit counseling meeting. This is an hourlong session that requires your physical attendance. It will require that you watch a video and take a test afterward. Here, you can pay the necessary fee and obtain your certificate number. You should then receive a letter informing you where you submit your certificate numbers---do this immediately.
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9
Wait for your approval papers in the mail. Once you receive these, you can begin your payment plan by sending money to the trustee. The trustee can also answer any further questions you may have as they come up.
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References
Resources
- Photo Credit gavel image by Cora Reed from Fotolia.com
Comments
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saurus
Jun 17, 2010
Again, the person who considers it legal advice is a fool for assuming the author is a lawyer.
