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Chapter 13 Timeline for the LA County

While every Los Angeles County Chapter 13 bankruptcy is unique, there is a specific process that all successful bankruptcy proceedings go through. Typically, your bankruptcy will follow the steps listed here with little or no variation. If you have special circumstances, or you need to perform an emergency Chapter 13 filing, please contact our Los Angeles County Bankruptcy Law Firm today to arrange for specialized advice based upon your needs.

Steps in a Typical Los Angeles County Chapter 13 Bankruptcy

Before you file for Chapter 13 - there are new laws in place which require that anyone who files for bankruptcy must complete an approved debt management/credit counseling course. You must have your certificate of completion when you file, and the course must be taken within 180 days of when you plan to file for Chapter 13.

Filing the Bankruptcy Documents - when you file for Chapter 13 bankruptcy in Los Angeles, you must file several documents which list your current assets, liabilities, expenses, income, and other financial information. You must also prepare a budget that will serve as the basis for your repayment plan under the terms of the Chapter 13 bankruptcy. Priority and secured debts must be satisfied in full, in most cases. However, unsecured debt, such as credit cards or personal loans, often does not have to be paid in full. Any remaining balance on those debts will be discharged when you complete the repayment plan. Once you have filed for bankruptcy, you must begin to make payments according to the agreed repayment plan within 30 days.

The Meeting of Creditors - A meeting of your creditors will be held during the course of your bankruptcy case. You will be asked questions by the bankruptcy trustee and any of your creditors who choose to attend the meeting. In many cases, creditors do not bother to attend these meetings, and they are usually brief in nature. If you have obtained legal counsel, your attorney often will appear with you in court.

Your Repayment Plan - you must repay your debts over a 3-5 year period. During this time, any new debt must be approved by the bankruptcy trustee. Once you have repaid your debts under the plan, your remaining eligible debts will be discharged.

Because repayment of debt is the cornerstone of a Los Angeles County Chapter 13 bankruptcy, it is essential that you have reliable, practical advice with regards to your budget, what you will be expected to pay, and what can qualify as acceptable expenses.  We have experienced legal professionals who specialize in Los Angeles County Bankruptcy Law - our lawyers provide comprehensive legal advice, and we understand how to make the process of filing for Chapter 13 bankruptcy simple and hassle-free. Contact us today, and schedule your free initial case evaluation as soon as possible to take advantage of the benefits that Chapter 13 bankruptcy can provide.