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In a Chapter 13 Bankruptcy Case, the debtor puts forward a plan, following the rules set forth in the Bankruptcy Laws, to repay certain creditors over a period of time, usually from future income. A Chapter 13 Bankruptcy Case may be advantageous in that the debtor is allowed to get caught up on a mortgage or car loans without the threat of foreclosure or repossession, and is allowed to keep exempt and non-exempt property. The Debtor’s Plan is a document outlining to the Bankruptcy Court how the debtor proposes to dispose of the claims of the debtor’s creditors. The debtor’s property is protected from seizure from creditors, including mortgage and other lien holders, as long as the proposed payments are made and necessary insurance coverage remains in place. The plan generally requires monthly payments to the Bankruptcy Trustee over a period of three to five years. If you are employed, arrangements will be made to have these payments made automatically through payroll deductions after the confirmation of your Chapter 13 Bankruptcy Plan.

Chapter 13 Procedure

After you meet with a Massachusetts Attorney at Coppa Law Group, you will begin to gather the necessary information so the attorney can begin to prepare your petition. You must list all of your debts, (including claims against you which you dispute, personals loans, etc.) assets and other information in the petition. You must list all your debts, (including claims against you which you dispute, personal loans, etc.), assets and other information in the bankruptcy petition. About three to four weeks after the bankruptcy petition is filed, a hearing, known as a 341 Creditors Meeting, is held in Boston, Worcester, or Springfield (depending on where you live) to give your creditors an opportunity to question you and to determine if the Bankruptcy Petition is in order. A trustee is assigned to your case, and he/she will ask whether you are familiar with the bankruptcy petition, whether you have listed all your debts and assets, and how you got into financial trouble.

About three weeks after the creditors’ meeting, a Hearing will be held to confirm your plan. If the plan meets the Court’s approval, you will pay the trustee a sum of money every month. This money will, in turn, be distributed to your creditors.

If you have real property, you must continue to make your regular monthly mortgage payments directly to your mortgage company.

If you are considering bankruptcy, we encourage you to seek the advice and assistance of an experienced Massachusetts bankruptcy attorney before you decide to file. At Coppa Law Group, we will provide you with a free bankruptcy consultation where you can talk to our bankruptcy lawyer about your options.

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.