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What is a debtor required to do under Chapter 13?

Although bankruptcy can be a useful legal process for changing the course of a debtor's financial health, it is not an easy thing to complete. When a Tennessee resident files for Chapter 13 bankruptcy they take on a number of requirements that must be met in full in order for them to reach the end of the process and receive their debt discharge. If they do not fulfill all of their obligations under the scheme they may lose their opportunity to reach the discharge phase of bankruptcy.

For example, a debtor who files for Chapter 13 bankruptcy must file a significant amount of paperwork with the bankruptcy court. They must provide tax returns and their proposed repayment plan, as well as documentation that they have completed their credit counseling course. Other documents may be required, and readers are reminded that this post is not offered as legal advice.

Additionally, a Chapter 13 debtor must be able to cover the costs of their repayment plan. They must also be able to pay for their bankruptcy filing fees. Chapter 13 debtors must have some disposable income with which they can repay their debtors. Debtors who do not have any extra money are generally required to utilize Chapter 7 in order to pursue bankruptcy. If a debtor cannot follow their repayment plan, then they may not make it to debt discharge.

Bankruptcy in any form can be complicated and can impose significant work upon a filer who wishes to eliminate their burdensome debts. However, filers do not have to go into the process alone. They may work with bankruptcy attorneys to ensure that they are able to meet the many requirements that the Chapter 13 bankruptcy process imposes on them.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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