Do It Yourself Chapter 13 Bankruptcy

Chapter 13 is the most viable option for people who have steady income and want to pay their debt through regular channel. Basically people who have got a temporary setback like job loss or illness and are have recovered from it, they like to pay back their debt through this chapter. This chapter helps them to renegotiate their debts.

There are individuals who want to avoid some cost while filing for chapter 13 bankruptcy. For them there are various do it yourself kits available that guides them on when to file, how to file and what to do for filing of chapter 13 of bankruptcy in the bankruptcy court.

Here are some basic steps that will guide you in filing of chapter 13 petition.

1. There are two types of bankruptcies that one can file either chapter 7 or chapter 13. First one needs to decide what type of bankruptcy he is willing to file.

2. Once you have decided upon chapter 13 then, you need to get a copy of your credit report. There are various sources like Equifax, Experian and many more from where you can get free copies for your credit report.

3. Then, make a list of debts that are not listed in credit report. It varies in each individual case like tuition fees, daycare or utility bills.

4. Next you need to collect all your recent paychecks, tax returns and bank statements. For this, you take help of respective officials or employers.

5. Now the main part, you need to list all your assets that includes property, jewelry, savings, automotive or any other fixed asset.

6. There are various sites that offer forms from the U.S. Bankruptcy Court. You need to download them, go through them properly and then print them.

7. Now fill the forms and sign it, then take them to the local U.S. Bankruptcy Court. There you submit the papers and documents along with the filing fees (approximately $274).

8. Then, you need to attend meetings with your creditors after you get the notice from the court (in around 20 to 50 days from filing of case).

9. The last and final step is paying your bills according to the payment plan approved by the court and the creditors.