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Your Chapter 13 repayment plan requires confirmation

Facing your overwhelming debt may have been something that you put off for some time. However, you now recognize that your situation needs serious attention or matters will only continue to get worse. As a result, you feel ready to move forward with bankruptcy.

After qualifying for Chapter 13 bankruptcy, you may want to find out what steps you need to take to successfully complete the process. In particular, you will need to address your repayment plan, which you will follow to handle the debts you need to repay.

Creating your plan

It may interest you to know that you must come up with a repayment plan that will detail the amount you intend to pay your outstanding creditors and how and when you intend to repay them. Typically, you must file the repayment plan when you file your Chapter 13 petition or within 15 days after you file the petition. Additionally, just because you file your plan, it does not mean that you can immediately start following it.

Court approval

The court must review your plan and approve it before you can move forward with the bankruptcy process. This part of the process is known as a confirmation hearing and generally takes place within 45 days after the meeting of creditors has occurred. If the judge believes that your plan will work for your situation and meets the necessary standards, you will likely receive a confirmation order.

However, your creditors are entitled to notice of the hearing. They should receive that notice 25 days before the hearing takes place, and if they have reason, they can object to the confirmation of your plan.

Court denial

Instances do exist in which the court will not approve a repayment plan. If this happens to you, you do not need to panic or feel out of hope. You may either submit another plan that changes your approach, or you could have your Chapter 13 bankruptcy case converted to a Chapter 7 case in order to liquidate assets rather than use a repayment plan. You need to note that converting bankruptcy cases does typically incur a fee.

Forming your plan

You may feel out of your element when it comes to finding a way to feasibly repay your creditors in accordance with Chapter 13 bankruptcy. Luckily, you do not have to try to come up with this plan on your own. You can enlist the help of an attorney who can further explain confirmation and help you come up with a plan.

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