Who can file a Chapter13 bankruptcy?

A Chapter13 bankruptcy can be filed by an individual or a joint case husband and wife.  Chapter13 cannot be filed by a corporation.  In order to file for Chapter 13, an individual must complete several prefiling requirements.  The most important requirement is the taking of a credit counseling session.  The credit counseling session is a one hour session on the computer or over the telephone whereby you talk with a credit counselor in order to receive a certificate enabling you to file for bankruptcy.

In addition to the credit counseling requirement, you will have a personal financial management instruction course which must be completed after your cases filed but before it goes to a discharge.  The two-hour financial management class is a way of learning everything from insurance to finance to buying a car to buying a home and smart financial decisions going forward.

Another requirement under Chapter13 prior to filing is you must provide two months worth of paycheck stubs or other proof of income to your attorney.  Those proofs are going to be forwarded to the Chapter13 trustee for review prior to your 341 Meeting of Creditors.  Lastly, you need to submit four years of federal tax returns prior to filing.  If you are someone who did not need to file, you can sign an affidavit or a statement under oath that basically says you are not required to file tax returns for whatever reason.

Those are the requirements under Chapter13 in order to get a case filed.  Your attorney will be able to advise you as to how much you are going to pay under your proposed plan and approximately how long your case is going to last.


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