Some Of The Steps To File For Chapter 13 Bankruptcy

There are different types of bankruptcy, as a result of which people get confused which one would be suitable in their situations. This is a common confusion amongst numerous US citizens in cities like Scottsdale and Fountain Hills. It is very important to understand and get a clear idea of each option before you go ahead to file one.

Irrespective of whichever US city you stay in like Mesa and Scottsdale, if you are planning to file a chapter 13 bankruptcy, then there are some steps you should follow:

* Is bankruptcy the best options for you: If, by any chance, you are facing serious financial issues then there are a number of things for you to do which would help you get back on track. However, among these the last option would be filing for a bankruptcy.

* Would a chapter 13 bankruptcy be best for you: Chapter 13 is especially structured for people who have a regular income, who have to clear off their debts but need some time to do so. If chapter 13 is filed then debtors have to either pay off their creditors in full or partially over a time of maximum 3 years. However, in some cases the time may also be extended to 5 years.

* File a petition: It is important that you file a petition with the bankruptcy court in your home district. With that you also have to file for an agenda of liabilities and assets, unexpired leases, executor contracts, and current expenses and incomes.

* Pay your fees: You have to take care of certain fees when you file for a chapter 13. Fees like court filing and other various types of fees are applicable.

* File for a plan of repayment: Your plan to repay your creditors needs to be filed with your petition or within the next 15 days maximum.

* Meeting of your creditors: This meeting is held normally within 20-50 days after the petition is filed. It is important for you to attend this meeting where the creditors would ask you questions related to your financial condition.

If you are planning to file chapter 13 – Scottsdale and Phoenix are some of the cities in US where you can hire the services of Leonard V. Sominsky. He is very experienced when it comes to dealing with bankruptcy cases. If you are willing to know more about his services then visit his website www.lvslaw.net.

Chapter 13 Scottsdale – The bankruptcy lawyers at LVS Law are very experienced in dealing with bankruptcy cases. They help individuals, families and small businesses resolve their financial problems.