Chapter 13 Bankruptcy Petition

Chapter 13 bankruptcy petition is typically filed to protect the debtor from foreclosure. On the discharge from these debts, the debtor can retain his property as well as enjoy a fresh start with regard to his financial situation. To avail the advantages of Chapter 13, the debtor has to follow some basic formalities, the absence of which will lead to the dismissal of the petition by the federal bankruptcy court.

The debtor has to present to the court a petition requesting his need for Chapter 13 relief. The federal and the state laws demand the debtor to submit a series of schedules and forms that are valid to the date of application, incorporating all the modifications in the application forms. He has to duly fill and submit Schedule A providing information on his property, Schedule B on personal property, Schedule C with information on exempted property, Schedule D providing details of secured creditors, Schedule E on unsecured creditors holding priority claims, Schedule F with the information on unsecured creditors with non-priority claims, Schedule G explaining the executory contracts and unexpired lease details, Schedule H explaining co-debtors, Schedule I offering data on current income and the Schedule J on current expenditures. Debtor’s Certification of Employment Income, Chapter 13 Plan, declaration concerning debtor’s Schedules, Individual Debtor’s Statement of Compliance with Credit Counseling Requirement under Exhibit D, Voluntary Petition under Exhibit C, Statement of Current Monthly Income and Calculation of Commitment Period and Disposable Income (Form 22 C), Statement of Financial Affairs (Form 7), Statement of Social Security Number or other Taxpayer Identification Number, etc. are to be filed with the petition for the thorough scrutiny of the court. These forms are to be submitted in duplicate in the specific order stated by the court.

The petition has to be followed by $235 as the filing fee and $39 as the miscellaneous administrative cost. The court may grant an extension to the time for the remittance of the fee giving him the option to pay it off in installments. The maximum time frame provided for the last installment payment is not longer than 180 days after filing the Chapter 13 petition. Failure to adhere to these will result in the dismissal of the petition.