1. Evaluate your financial situation and determine whether a Chapter 13 bankruptcy is in your best interest. Chapter 13 bankruptcy is an alternative to Chapter 7 bankruptcy, it is for individuals who have a regular income and who want to pay off their debts over time. In a Chapter 13 bankruptcy the individual will repay their creditors over the course of three to five years. To qualify for a Chapter 13 bankruptcy your secured and unsecured debts must be below a certain amount.  An attorney can help you understand if this applies to you.

2. Have petition filed by yourself or your attorney. Once your petition is filed by you or your attorney, an automatic stay is in place which stops actions like garnishments, foreclosures, and creditor harassment. The Chapter 13 bankruptcy petition must include: a) Credit counseling certificate b) Schedule of assets and liabilities c) Schedule of current income and expenditures d) Schedule of executory contracts and unexpired lease e) Statement of financial affairs f) Debt repayment plan g) Sixty days of pay advices h) Statement of monthly income

3. Most recent taxes must be sent to the trustee appointed by the court.

4. Pay all court fees.

5. Attend the Meeting of Creditors. After filing a day and time will be scheduled for the meeting of creditors, this is usually twenty to thirty days after the date of filing. At this hearing you will meet with the trustee to go over your filed petition and if any creditors are present you will be able to explain your financial situation. The meeting of creditors is usually short, taking about ten to fifteen minutes.  This is one of the best places to have your attorney as it will keep you from sabotaging the bankruptcy process.

6. Attend the Confirmation Hearing. At this hearing a bankruptcy judge will determine if your repayment plan meets bankruptcy code standards and if the plan is feasible. Creditors can object to the confirmation of your plan.  A bankruptcy attorney will help make sure it does meet the standards before seeing the judge.

7. You must begin making your payments to the trustee thirty days after you file the repayment plan. You must do this even if the plan has not yet been confirmed. If the plan is not confirmed you can modify it or convert your Chapter 13 bankruptcy into a Chapter 7 bankruptcy.

8. Debtor Education- You will need to complete a debtor education/financial management course once the plan is confirmed. You attorney can point you to the proper facility to complete this required course.

As you can see, there are a lots of steps to go through when filing a Chapter 13 bankruptcy in Denver.  Why not call for a free consultation with one of our skilled attorneys to get started with #1?