The filing of a chapter 13 bankruptcy petition in Montgomery County can be done without an attorney, but the question becomes will you ultimately be successful in rehabilitating yourself by formulating a proper plan which pays your creditors the minimum amount required. You could amputate your arm but do you really want to try it? A chapter 13 is a three to five year financial commitment which, when properly done, will reinstate your mortgage, pay any of your past due home equity loan, pay the IRS and other taxes and eliminate all of your credit card debt as well as other unsecured debt. As a Montgomery County bankruptcy attorney who has been practicing for 30 years, I can assure you the entire process, from start to finish, is not as straight forward as you would expect. Bankruptcy is a powerful tool once you decide to use it. You don’t want to lose your opportunity for success by going it alone.
After the petition is filed, creditors are notified. All collection actions, sheriff sales, telephone calls, letters and non-child support wage garnishments must stop; even the IRS is stopped in its tracks.
You must begin making your mortgage payment again and do this in a timely manner to the proper party and address; the mortgage companies make mistakes when receiving the money; sometimes they mess up so routinely, I wonder if they are intentionally trying to harm the debtor, you. You must also begin to make your estimated trustee payment. A bankruptcy lawyer in Montgomery or Bucks County will make sure you get started on the right foot.
Creditors will file claims in your bankruptcy case. These need to be evaluated and properly categorized. Secured claims need to be looked at carefully to make sure the mortgage company is only claiming that to which it is rightly entitled; these claims provide a great opportunity for them to overreach; if the claim is not scrutinized and objected to in bankruptcy court you will be overpaying the bank. When all claims are received, your bankruptcy plan must be amended and your trustee payment will be recalculated. You have three to five years to complete your plan; a Montgomery County bankruptcy attorney can best give you advice on this.
You will need to prepare for and attend the 341 Meeting of Creditors. The trustee will interview you; your creditors have the right to appear. You will want to have the firm guidance of a Montgomery County bankruptcy lawyer through this process. I will prepare for and attend the meeting with you.
Thereafter, confirmation of your chapter 13 plan will be considered by the bankruptcy trustee; he may or may not recommend confirmation to the judge depending if your amended plan, schedules, and other bankruptcy documents have meet the standard.
All the while during your 3 -5 years of bankruptcy, your payments have to be made on time or you will be called to court and your case could be dismissed. Getting to bankruptcy discharge is a long, difficult road. Court statistics tell us that less than 50% of filings are successful. Most of our clients do in fact succeed; we know the process and understand your problems. Give yourself every opportunity for a successful chapter 13 bankruptcy. Keep your home and your property; lose your debt and obtain a fresh start with your mortgage payments. Protect yourself with the help of a Montgomery or Bucks County bankruptcy lawyer, especially one who has been doing this as long as I have. Stop mortgage foreclosure and sheriff sales! Call now for help 215-822-2728.