Austin Chapter 13 Bankruptcy Repayment Plan
The repayment plan is at the center of an Austin Chapter 13 bankruptcy claim. It is your step by step plan for restoring your good credit and ending the calls from your creditors. Naturally, if you are considering filing for bankruptcy under Chapter 13, you will need information about the repayment plan you may be following.
This page will cover some of the basics of the Chapter 13 repayment plan. The details can vary greatly from one case to the next, depending on each filer’s specific circumstances. To discuss how your own repayment plan may work, contact Austin Chapter 13 repayment plan lawyers Slater, Kennon & Jameson, LLP, at 512-338-1100.
Developing and Following a Repayment Plan
If you file for an Austin chapter 13 bankruptcy, you will be going through the following steps:
- Submit a repayment plan. This is generally filed along with the bankruptcy claim or within 15 days afterwards. You can develop a plan on your own, but it is strongly recommended that you work with a qualified Austin Chapter 13 bankruptcy lawyer.
- Meet your trustee. The court will assign someone to oversee your case and work as an intermediary between you and your creditors. This is to ensure that the process goes smoothly, and protect you from creditors who may want to pressure you for more money.
- Meet with your creditors. This meeting will take place within a month or two after your claim is accepted. You need to prepare complete and honest financial statements so your trustee and your creditors can arrange a reasonable repayment schedule for you.
- Follow your plan. Every two weeks, or every month, you will send a payment to your trustee. He or she will distribute the money among your creditors according to the plan. Within three to five years, barring any unforeseen hardships, you will be debt free.
Contact Us
Although your trustee is appointed by the court, you still have the right to choose the best attorney for you. Austin Chapter 13 repayment plan attorneys Slater, Kennon & Jameson, LLP, will work to make sure your repayment plan is fair to you. Contact our offices at 512-338-1100.