What Does A Chapter 13 Bankruptcy Lawyer Do?
Overview of the Chapter 13 bankruptcy process
In a Chapter 13 bankruptcy you will have to disclose in your court papers what you own (real estate and personal property), your debts, and your financial transactions going back a few years.
Further, you must show that you have filed income tax returns for the previous four years. 15 days after you file your first papers, your proposed repayment plan is due.
However, before you may file for Chapter 13 bankruptcy, you have to complete some basic credit counseling; and you will have to get some personal financial management counseling after you file but before you obtain your Chapter 13 discharge.
If you hire a Chapter 13 bankruptcy lawyer, which is highly recommended due to the complexity of bankruptcy laws involved especially with this Chapter, he or she will not only handle your case from start to finish, but also guide you along the way and answer all your questions which may result in a huge amount of stress being lifted off your shoulders.
What can I expect from my Chapter 13 lawyer?
Similar to Chapter 7 bankruptcy attorney, you may expect the following from a Chapter 13 lawyer:
- To know and understand the complex bankruptcy laws that pertain to Chapter 13 and the application thereof,
- Must be able to handle your case, and understand the particular facts of your case,
- To inform you how filing a Chapter 13 bankruptcy will be able to assist you to achieve your financial goals,
- To provide you with progress reports throughout the process,
- To be able to answer all your questions,
- To be able to represent you at all hearings,
- To give your case the individual attention that it deserves.
What about alternatives to filing a Chapter 13 bankruptcy?
A competent Chapter 13 bankruptcy lawyer should be able to inform you about the alternative to filing a Chapter 13 bankruptcy, if those alternatives will prove to be more beneficial for you.
With respect to a Chapter 13 bankruptcy, alternatives may be a court-supervised payment arrangement. An attorney may suggest this if you have enough income to meet at least some of your liabilities and own property that could be taken in a Chapter 7 or litigation.
Being aware of your alternatives, and then choosing from them significantly reduces the possibility that you will regret the decision to file bankruptcy.
How much does a Chapter 13 bankruptcy lawyer cost? When do I have to pay my Chapter 13 bankruptcy lawyer?
With respect to Chapter 13 bankruptcies, an attorney usually charges a certain fee upfront. While some attorneys will only charge a filing fee, others will want a larger down payment.
The remainder of the attorney’s fees will be paid through the Chapter 13 plan. You will make your regular plan payments to the bankruptcy trustee every month and the trustee will then pay the appropriate portion to your attorney.
Your attorney for your Chapter 13 case will deal with all of the administrative work. He or she will also help you navigate through the complex rules governing Chapter 13 payment plans to create a plan that best suits your circumstances and the will satisfy the court.
Attorney fees for a Chapter 13 bankruptcy generally range from $2,500 to 3,500.
How Much Does It Cost To File A Chapter 13 Bankruptcy?