If you are struggling to keep up with ever growing debts, it is likely that you have considered bankruptcy as one option in helping you to recover from your situation. There are many different chapters of bankruptcy that offer differing benefits and plans, which can be suitable depending on the specific situation of the individual or business filing for bankruptcy.
When it comes to Chapter 13 bankruptcy, it is important to know the obligations that you as a debtor will have over the course of your repayment plan. This will help you decide whether filing for Chapter 13 bankruptcy is the right choice for you.
What are the debtor’s obligations after filing?
In order to successfully make a Chapter 13 bankruptcy filing, you must provide enough information to the bankruptcy court. This information will include giving details of all sources of income, a comprehensive list of all people that you owe money to and all property that you own. In addition, you should submit a breakdown of your living expenses as well as proof that you have successfully paid taxes in the last 4 years.
You must also pay a fee in order to successfully file for bankruptcy in the state of Florida. This will include a filing fee and an administration fee. In addition to this, it is important to know that the purpose of a Chapter 13 bankruptcy filing is to create a plan to successfully repay all creditors in three to five years.
If you are considering filing for bankruptcy in Florida, it is important to take the time to find out if Chapter 13 is right for you.
Source: FindLaw, “Chapter 13 Bankruptcy,” accessed June 01, 2018