How much do I pay under the Chapter 13 bankruptcy plan?
A Chapter 13 bankruptcy involves a monthly payment that we, as your bankruptcy attorneys, propose and is then reviewed and approved by the court and trustee. There are negotiations that take place to secure this approval by the trustee, and sometimes the payment will increase from what is originally proposed. Our goal is to minimize your monthly payment as much as possible.
We propose the very lowest payment we believe to be acceptable and then the trustee counters. This occurs in every Chapter 13 case and it is the best way to be sure that your payments are both manageable for you and acceptable by the court.
Who do I pay?
Every person's monthly payment can differ. Everyone has a unique mix of income, assets and debt. We let our clients know when to begin sending their payment to the trustee.
This payment to the trustee can include a car payment and many other things. Although sometimes a payment to a secured creditor can be made outside of the payment plan and directly to a creditor.
Keep making your mortgage payments
Once your case has been filed, it is important that you make your mortgage payments, if you intend on keeping the house. The trustee will request proof of these payments throughout the case. Please retain copies of the checks or the bank statements indicating the payment has been withdrawn from your account.
The trustee reviews the case
We want to be sure that you are aware of all possibilities after the review of your case by the trustee is completed. Once its review is complete, they will submit "objections" to the court in regards to the plan. These objections are filed in every case and you will receive a copy of them once they are filed. It is the official manner in which the trustee informs us of the points of disagreement that they have with plan as proposed.
We address these objections line by line with the trustee to be sure that we arrive at a plan that is both confirmable by the court and affordable for you.
We prepare your bankruptcy petition and Chapter 13 plan and you review it
We do all the work. We prepare your Chapter 13 petition and your plan for you. You review both. Please review your petition carefully for any errors or omissions. Please let us know if there are any changes, as they are relatively easy to make at this point, before it is filed with the court. You need to verify that all of your creditors are listed on the petition as we don't want to miss anybody.
Some information we commonly need at the end of the process prior to filing
Please provide the exact balances of your bank accounts.
Make sure that all of your income, assets, debts and liabilities are included; we don't want to miss anything.
The documents are filed electronically with the court here in the Northern District of Georgia, which includes courthouses in Atlanta, Gainesville, Newnan and Rome.
Filing a Chapter 13 is a great, effective way for people to address their debt burden. Once a petition is filed, a creditor cannot garnish your wages, seize bank accounts or property, and they can't call or write to you. Any outstanding wage garnishments and lawsuits must be stopped. The harassment will end immediately!
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You can trust our experience
Our important legal experience really helps our clients and includes having served as a Magistrate Judge, an Assistant Attorney General and as a Senior Assistant County Attorney.
So when you need the services of a bankruptcy lawyer, make attorneys William H. Sherman and Valerie W. Sherman your first choice!