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A Chapter 13 bankruptcy is a repayment plan. It allows you to reorganize your debts. Most debts are consolidated into a monthly payment, and you may only be required to pay a small percentage of your unsecured debts to get rid of the entire amount you owe. If you are interested in filing Chapter 13, keep reading to learn how long Chapter 13 bankruptcy takes and how a Massachusetts bankruptcy attorney can help make the process easier.
Timeline for Filing Chapter 13 Bankruptcy in Massachusetts
The first step in filing Chapter 13 bankruptcy in Massachusetts is to meet with a bankruptcy attorney. At Logan A. Weinkauf, P.C., we offer a free consultation to discuss whether filing for bankruptcy is right for you.
Preparing and Filing a Chapter 13 Bankruptcy Petition
If you decide to hire our law firm to file Chapter 13, we will work with you to gather the necessary information to prepare the bankruptcy forms. Our office prepares all forms to file with the bankruptcy court. You must complete a credit counseling course required by bankruptcy law. You can complete the course online in about 90 minutes to two hours.
Once the paperwork is ready, you review the forms and sign them. We file the bankruptcy petition with the court electronically. The court assigns a bankruptcy number and appoints a Chapter 13 bankruptcy trustee. You must begin making Chapter 13 payments approximately 30 days after filing your case.
The time it takes to complete and file the bankruptcy forms with the court depends on several factors. Promptly responding to our requests for information can speed up the process.
341 First Meeting of Creditors
The court schedules the Meeting of Creditors within 45 to 60 days of the date we file the bankruptcy petition. You are required to attend the hearing. The Chapter 13 trustee asks questions about your bankruptcy forms to confirm the information you filed with the court. Generally, creditors do not appear at these meetings, but they have the right to appear and ask questions.
Confirmation Hearing
The court schedules a confirmation hearing about 90 days after the original filing. Creditors may object to your Chapter 13 plan. Our attorneys resolve most objections before the confirmation hearing. The judge hears evidence from both sides if an objection is not resolved. The Chapter 13 trustee may have also objected to the plan, but we typically work those issues out with the trustee before the hearing.
Once all objections are resolved, the court confirms your Chapter 13 plan, and you continue making payments. Most Chapter 13 plans are for 60 months, but some debts qualify for 36-month plans.
Receiving a Bankruptcy Discharge
When you complete your Chapter 13 payments, the Chapter 13 trustee completes an audit and files final reports with the court. You must have completed your mandatory debtor education course to receive a discharge. We recommend completing the court after we file the bankruptcy petition but before the Meeting of Creditors. After the final reports are reviewed and approved, the bankruptcy court issues a bankruptcy discharge and order closing the case.
A bankruptcy discharge eliminates the remaining unsecured debt not paid through your bankruptcy plan. Creditors cannot try to collect a discharged debt.
Generally, a five-year Chapter 13 plan is completed in about five and half years from start to finish.
Learn More About Chapter 13 Bankruptcy
Call Logan A. Weinkauf, P.C., to schedule a consultation with our Massachusetts bankruptcy attorney to learn more about how filing Chapter 13 can help you get out of debt. A Chapter 13 bankruptcy can also help you save your home and protect your assets from creditors.