Filing for bankruptcy is a legitimate financial option for people facing overwhelming debt. When debt becomes unmanageable, filing for bankruptcy can bring the debt relief a person needs to have a fresh financial start. There are different types of bankruptcy, but each type has the goal of helping you get back on your feet and move forward with your life without the crippling burden of debt.
In a Chapter 13 bankruptcy, a debt repayment plan is created for the person filing. This plan consolidates the person’s debt and allows it to be repaid over a 3-5 year period. In a Chapter 13 bankruptcy, the plan and restructuring of debt allows the filer to keep their property while making payments without the fear of foreclosure or repossession. After the filer has repaid their debts according to the payment plan, remaining debts will be wiped away. To make sure this process goes smoothly, it is important to have the help of a skilled Atlanta bankruptcy attorney by your side.
Once this plan is created, it must be confirmed by the court in order for it to be binding. Getting the plan approved and confirmed by the court happens during the confirmation hearing.
Preview of the Chapter 13 Bankruptcy Process
After you file your Chapter 13 bankruptcy, a Chapter 13 Trustee is appointed over your case. You will submit your repayment plan, and many times begin making payments to the trustee even if the Court hasn’t quite confirmed your plan. After this, there will be a meeting of creditors where your creditors can come and ask questions to the bankruptcy Trustee about your plan. They may disagree with the plan or object to certain elements, which your attorney would then fix before the confirmation hearing.
The Atlanta Bankruptcy Confirmation Hearing
The actual bankruptcy confirmation hearing is an opportunity for the court to look over your Bankruptcy plan and give it final approval so you can move forward. This hearing is typically scheduled a few weeks after you file your bankruptcy. If there are no objections or changes to be made to the plan, the person filing does not actually need to attend this hearing. This is because most likely any issues to the plan were resolved beforehand.
If there is an objection by the court to your plan, your attorney can fix the plan and re-file to get the plan confirmed. These objections aren’t common but may have to do with funding, length of your plan, or simply because the trustee would like you to change something. Your attorney will be able to help in the case of an objection.
A Confirmed Plan
When your plan is confirmed, you can officially move forward toward financial freedom—the plan is binding on you, the trustee, and your creditors.
If are considering a Chapter 13 Bankruptcy, contact the experienced bankruptcy attorneys at The Ballard Law Group right away, because with these types of loans time is of the essence. Our attorneys are skilled in Chapter 13 bankruptcy—we can help you create a personalized repayment plan and will be by your side through the confirmation hearing and beyond. To schedule a free bankruptcy consultation, call our office at 404-220-9906, contact us online, or chat with one of our representatives now.