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Information About Chapter 13 Bankruptcy

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CHAPTER 13 Creditors MEETING

The Creditor Meeting in a chapter 13 bankruptcy can typically occur within 30 or up to 45 days following the bankruptcy petition being filed with the court. This meeting is usually actually not very well attended because it’s not very formal and your bankruptcy lawyer Ft Worth (that would be us if you decide to hire us,) will generally prepare documents for this meeting and will provide you with preparation and coaching for this meeting if you even need to go. The Creditors meeting usually last under 20 minutes as there is generally a long list of other groups waiting to do their meeting with the court on the same day and even the same morning or afternoon depending on how the court schedules their Meetings of Creditors.

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HOW OFTEN May A Person FILE Bankruptcy

Please note: when you file bankruptcy via chapter 7, this precludes you from filing Chapter 7 for a period of EIGHT years! For those who previously receive a bankruptcy discharge through Chapter 7 bankruptcy, you are only granted permission from the courts by law to receive an additional Chapter 7 bankruptcy discharge for situations where a minimum of 8 years has passed since the first bankruptcy case was sought and obtained from the court. As opposed to chapter 7, a chapter 13 bankruptcy can be filed within the 8 year period following a chapter 7 bankruptcy.

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Yet, even for those who filed chapter 7 previously, they may still seek and obtain chapter 13 bankruptcy relief in this period of time because the chapter 13 bankruptcy plan includes a repayment plan whereby the secured creditors are still paid and some of the unsecured creditors depending on disposable income. This method of protection will allow you to still obtain protection from creditors or mortgage lenders from foreclosing your home or seizing your car through a repossession.