In deciding to file for Chapter 13 protection, it is necessary to gather all relevant documents, including bills, financial statements, mortgages, loans, and outstanding tax debt. As part of the preparation, it is necessary to list all secured creditors and debt separate from unsecured debt.
The individual who wants to file for bankruptcy must obtain qualified credit and financial counseling before he can proceed to the bankruptcy court. This required credit counseling is a relatively new requirement aimed at providing people with the foundation to take advantage of their improved financial stability after the conclusion of a bankruptcy case, but it does impose significant expense and the investment of additional time.
Once the paperwork is prepared and the case is filed, the automatic stay goes into effect, which means that creditors no longer can contact the debtor directly without filing a petition with the bankruptcy court to lift the stay. These actions are not common in a Chapter 13 bankruptcy case, especially as the plan calls for a repayment of secured creditors.
Chapter 13 Bankruptcy in Georgia
There are many important considerations that a person must review before deciding whether to file for bankruptcy and what type of bankruptcy to pursue. If you live in the Roswell or Alpharetta area, the experienced bankruptcy attorneys at Charlton & Glover can help you get relief from your creditors and file the bankruptcy action that provides the most benefits for your unique situation. Contact us or call us at (770) 993-1005 to schedule an initial consultation.