Filing Chapter 13 Bankruptcy in Savannah GA

Any individual, either self employed or employed with any organization may file a chapter 13 bankruptcy in Savannah GA and obtain protection under it. The only condition is that the unsecured debts should be lower than $336,900 and secured part of the debts lower than $ 1,010,650. No organization can seek assistance or file chapter 13. A person cannot file for chapter 13 if his bankruptcy application was dismissed 180 days prior to the filing.

Chapter 13 bankruptcy which usually starts with filing of the case in the federal court in the place where the debtor stay. The debtor has to produce certain documents showing his current income and expenditure, his liabilities, unexpired leases, and his financial status. Apart from that he or she also should produce a certificate from an approved credit counselor stating that he or she has attended credit counseling and a plan detailing the debt repayment plan.

There are some predefined fees for filing a case under Chapter 13 of the Federal bankruptcy code. The fees may also be paid in installments. When the bankruptcy application is filed all collections against the debtor is stopped with immediate effect. If a debtor pays the dues on time, he or she enjoys protection under chapter 13 of the Federal Bankruptcy Code. Within 50 days the trustee schedules a meeting with the creditors. At this meeting, the debtor is put to several questions and a plan is arrived at providing how he or she will repay the creditors.

The debtor must stick to the repayment plan, and if the debtor does not make regular payments according the plan, the court will dismiss the proceeding and change it to a liquidation proceeding under Chapter 7. Hence when you file a Chapter 13 petition, you must religiously follow the repayment plan and make the payments.

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