If you have significant debt, you may be considering bankruptcy as a way to change your financial situation for the better and move toward a more secure financial future. However, not everyone wants to surrender their assets to pay back creditors, which is what happens in a Chapter 7 liquidation bankruptcy. A Chapter 13 bankruptcy, on the other hand, allows you to keep your assets and instead create a debt repayment plan to get you out of a difficult financial situation.
Atlanta Chapter 13 Timeline
A Chapter 13 bankruptcy will take more time than other types of bankruptcy, so it is important to understand its timeline. This will help you decide if a Chapter 13 bankruptcy is best for your situation. Key steps along the Chapter 13 bankruptcy timeline include:
- Before Filing: Determine if you are eligible for a Chapter 13 bankruptcy and if it is the right type of bankruptcy for you by speaking with a skilled Georgia bankruptcy attorney. You must live in Georgia for at least 90 days before filing. Also, With a Chapter 13 bankruptcy, you must have a disposable income to make payments on your repayment plan—a skilled Georgia bankruptcy attorney can help you understand if you meet the criteria and if a Chapter 13 bankruptcy is best in your situation.
- Go to Credit Counseling: Before filing your bankruptcy you must attend credit counseling. This course goes over the concepts of financial management and must be completed within 180 days of filing your bankruptcy.
- File Your Bankruptcy: The next step is to actually file your bankruptcy. When you file your bankruptcy, an automatic stay will go into effect which stops your creditors from trying to collect debts. Within 15 days after filing, you will be required to provide your petition to the court and provide all the proper documentation. This includes your schedules of your assets, debts, income and monthly expenses, finances, and of course, your repayment plan. The Court will also send notice of your case to your creditors.
- Make Your First Payment to your Repayment Plan: 1 month after your case is filed you will be required to make your first payment on your debt repayment plan. You must make this payment within 30 days of filing or your case could be dismissed.
- Attend Your 341 Meeting of Creditors: This meeting occurs within 6 weeks of your filing. At this meeting, the trustee will talk to you about your finances and repayment plan.
- Confirmation Hearing Occurs: After your 341 meeting, a confirmation hearing will be held within 45 days. At this hearing, the bankruptcy judge will determine if your repayment plan is acceptable. Creditors can object, but a skilled attorney can help you through this process if it happens in your case.
- Continue Making Payments on Your Repayment Plan: After your plan is approved, you will continue making payments on your repayment plan over the course of 3-5 years. Once your plan is complete, you will receive a bankruptcy discharge.
Get Your Chapter 13 Georgia Bankruptcy Questions Answered
If you are considering a Georgia Chapter 13 bankruptcy so you can keep your assets such as your home and car, but also improve your financial situation, contact the experienced Georgia bankruptcy attorneys at The Ballard Law Group. Our skilled attorneys can help you understand the Chapter 13 bankruptcy timeline and assist you so your bankruptcy moves forward without delay. To get your Chapter 13 bankruptcy questions answered, contact our offices today for a free consultation at 404-220-9906.