ARIZONA’S BEST BANKRUPTCY ATTORNEY
ATLAS LAW CHAPTER 13 LAWYER
Take control of your financial future with Atlas Law Firm’s dedicated team of bankruptcy attorneys. Schedule a consultation today to explore your options for Chapter 13 bankruptcy and start on the path toward financial stability. Chapter 13 bankruptcy is a viable option for debt relief for several reasons, tailored to individuals facing specific financial challenges:
What to Expect if you file a Chapter 13 Bankruptcy in Arizona
An Atlas Law Firm attorney experienced in Arizona Chapter 13 bankruptcy will assist you through the 10 steps of a Chapter 13 bankruptcy filing, help you to understand the bankruptcy law, and always proceed with your best interests and financial needs in mind.
A Consultation with an Atlas Law Bankruptcy Attorney
The process typically begins with an initial consultation with a bankruptcy attorney. During this meeting, you will discuss your financial situation, explore whether Chapter 13 bankruptcy is the right option for you, and understand the implications of filing. Atlas Law Firm offers a free, no obligation initial consultation.
Pre-Filing Requirements
Before filing for Chapter 13 bankruptcy, you will need to gather financial documents, such as income statements, tax returns, a list of assets and liabilities, and recent bank statements. These documents will be used to complete the bankruptcy petition and schedules.
Filing the Bankruptcy Petition:
Your attorney will prepare and file the Chapter 13 bankruptcy petition, along with supporting schedules and documentation, with the bankruptcy court. Filing initiates the automatic stay, which halts creditor actions such as collection calls, lawsuits, and foreclosure proceedings.
Meeting of Creditors (341 Meeting)
Approximately 4-6 weeks after filing, you will attend a meeting of creditors (341 meeting). This meeting is conducted by the bankruptcy trustee assigned to your case. Creditors may attend to ask questions about your finances and the proposed repayment plan.
Confirmation of Repayment Plan
With the assistance of your attorney, you will propose a Chapter 13 repayment plan outlining how you intend to repay creditors over a period of three to five years. The plan must be feasible based on your income and expenses and must satisfy legal requirements.
Approval and Implementation of the Plan
After the 341 meeting, the bankruptcy court will hold a confirmation hearing to review and approve your repayment plan. If the plan meets all legal requirements and is feasible, the court will approve it, and you will begin making payments to the bankruptcy trustee.
Monthly Payments to Trustee
You will make monthly payments to the bankruptcy trustee, who will distribute funds to creditors according to the approved plan. Payments are typically based on your disposable income after essential expenses and may include arrears on secured debts like mortgage payments.
Completion of Repayment Plan
Over the course of three to five years, you will adhere to the repayment plan, making timely payments to the trustee. During this time, you must also attend any required financial management courses as mandated by the court.
Discharge of Remaining Debts:
Upon successful completion of the repayment plan, any remaining eligible debts covered by the plan may be discharged, providing you with a fresh financial start. Certain debts, such as student loans and certain tax obligations, may not be discharged.
Post-Bankruptcy Counseling:
After receiving a discharge, you may be required to complete a financial management course to reinforce sound financial practices and ensure long-term financial stability.
Frequently Asked Questions About Chapter 13 Bankruptcy
