In order to successfully file for Chapter 13 Bankruptcy, you will need to provide a significant amount of information to show the U.S. Bankruptcy Court System that require debt relief. It is always best to work with an experienced Baltimore Bankruptcy Attorney, because he or she will be able to compile that list of information you will need, and make sure you are not missing any critical information. It is a good idea, however to gather as much information as you can prior to your first meeting with your lawyer so that the process is quicker.
When applying for Chapter 13 Bankruptcy in Maryland, you will file a wage earner’s plan (another name for Chapter 13 Bankruptcy). This process begins when you collect the necessary documentation and information regarding your debts. This information contains the following items:
- Monthly Expenses
You will also have to put together a repayment plan that outlines how you propose to repay each of your creditors at length. From there your trustee will evaluate your repayment plan to see if it meets the following criteria:
- Your repayment plan is fair to you
- Your repayment plan is fair to your creditors
- It is reasonable to assume you will be able to pay back the amount owed
These questions are answered based on the information you provide. Such as a list of all your creditors and how much you owe. Proof that you have stable income. A list of all the properties and assets under your name, and a list of your monthly living expenses.
Creditor Information You Must Provide
When you file for Chapter 13 Bankruptcy it is important that you include your debt in your filing as well. Make sure to create a list that includes each creditor, how much you owe, and the nature of each creditor’s claim. You do have the ability to include secured debt and unsecured debt in your repayment plan.
Proof of Income
Your trustee needs to know that you have reliable income coming in. A trustee needs to understand exactly how much you are being paid, and how frequently you are being paid. This is where working with an experienced Baltimore Bankruptcy Attorney comes in hand. He or she will be able to determine if you are over-promising or if they think you can afford to pay more. This will help you to structure a repayment plan that works for your budget, and helps you get your financial situation in order.
List of Your Property and Assets
Another item your trustee will need access to, is a current list of your property and assets. They need to know how much you own outright, and how much money you have in your bank. The role of your trustee is to make sure that the bankruptcy case is fair to everyone involved.
Monthly Expenses Report
If it costs you money each month, your trustee needs to know about it. Your trustee needs to know your monthly expenses because he or she will use a basic budgeting technique to determine whether your plan is reasonable or not.
About the Law Offices of Nicholas J Del Pizzo
The burden of overwhelming debt can be too much for anyone to handle. That is where the Law Offices of Nicholas J Del Pizzo can help. At our Baltimore Law Office, our knowledge and experience in bankruptcy law can help you get the fresh start you need by wiping out your debts, reorganizing your finances, and saving your home.