Does.Filing Out Tax Papers During Hiring Mean You Got The.Job Four Critical Things to Know About Chapter 13 Bankruptcy

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Four Critical Things to Know About Chapter 13 Bankruptcy

Making the decision to file for Chapter 13 bankruptcy is not an easy one. It will impact your credit, your personal and business reputation, and even your self-image. On the other hand, it can greatly improve your quality of life in the short term as the persistent letters and calls from debt collectors stop. In Chapter 13 bankruptcy, you make an agreement to pay off some or all of your debts over a period of three to five years. Here are four key things to know if you’re just about ready to file.

1. Understand the paperwork

Chapter 13 bankruptcy paperwork is complex and can be overwhelming. From the outset, it is important to be accurate, honest and complete when completing all forms. On average, documents, including the petition, schedules, and repayment plan, can exceed 40 pages. You will need to provide detailed information about your assets, debts, expenses, income and complete financial history. If something is left out, you’ll run into problems later and be required to complete additional paperwork and pay even more fees. More importantly, if you rule out a creditor, you may not get the debt discharged and your case may be dismissed if you are unable to make an amendment.

2. Understanding Fiscal and National Support Debts

In a Chapter 13 bankruptcy, you will be required to pay any tax debts from the previous three years, in addition to any tax debts in which the government has filed a lien on your property. You will have the ability to spread these payments over time and the only way to get your tax debts discharged is to request an individual assessment of your specific situation. With respect to home support debts, which include alimony and child support, you are required to keep those payments current or your plan will be rejected.

3. Understand the importance of your budget

To be successful, you need to create and stick to a realistic budget. If your budget can’t consistently support your repayment plan, you need to consider other non-bankruptcy options. To calculate your budget, remember that your ability to make payments is based on the amount of your disposable income. That disposable income is what you’ll be required to pay back into your plan each month. If you stick to your budget over the next three to five years, you can expect to be successful.

4. Understand the consequences of missed payments

Finally, it is important to know that if for reasons of hardship you are unable to complete your amortization plan and are behind on your payments, your bankruptcy trustee may make changes to your plan, or the judge may allow you to absolve all your debts based on your hardships. Examples of what qualifies as a hardship are losing your job due to circumstances beyond your control or suffering from an illness.

Armed with these important tips, your Chapter 13 bankruptcy should go smoothly.

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