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Get a Better Understanding of What Goes Into Filing
a Chapter 13 Bankruptcy in Philadelphia
and How the Timeline Will Unfo...
Chapter 13 Bankruptcy Timeline in Philadelphia www.getfreeofbills.com
3
There is a lot that goes into deciding to file Cha...
Chapter 13 Bankruptcy Timeline in Philadelphia www.getfreeofbills.com
4
legally contact you to collect on debt or to keep ...
Chapter 13 Bankruptcy Timeline in Philadelphia www.getfreeofbills.com
5
3. Making payments. Approximately one month after ...
Chapter 13 Bankruptcy Timeline in Philadelphia www.getfreeofbills.com
6
receive any money through the repayment plan and t...
Chapter 13 Bankruptcy Timeline in Philadelphia www.getfreeofbills.com
7
When you rely on the assistance of a bankruptcy at...
Chapter 13 Bankruptcy Timeline in Philadelphia www.getfreeofbills.com
8
About the Author
David M. Offen
A native to the Ph...
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Chapter 13 Bankruptcy Timeline in Philadelphia

Get a better understanding of what goes into filing a chapter 13 bankruptcy in Philadelphia and how the timeline will unfold. Learn more about chapter 13 bankruptcy in Philadelphia in this presentation.

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Chapter 13 Bankruptcy Timeline in Philadelphia

  1. 1. Get a Better Understanding of What Goes Into Filing a Chapter 13 Bankruptcy in Philadelphia and How the Timeline Will Unfold CHAPTER 13 BANKRUPTCY TIMELINE IN PHILADELPHIA DAVID M. OFFEN PHILADELPHIA BANKRUPTCY ATTORNEY
  2. 2. Chapter 13 Bankruptcy Timeline in Philadelphia www.getfreeofbills.com 3 There is a lot that goes into deciding to file Chapter 13 bankruptcy. You have to decide if this is the best decision for taking care of your debts. An important detail to consider is the Chapter 13 bankruptcy timeline. How long does the process take in my situation? What will you experience along the way? What can you do to speed things up? These are the types of questions you will need to answer. The timeline associated with Chapter 13 bankruptcy can and will vary from one state to the next. For this reason, it is essential to consult with a local bankruptcy attorney who is familiar with the laws in your state. This way you don’t have to guess as to what you will be faced with along the way. Even though the timeline in one state may not be exactly the same as the next one, here are some basic steps to become familiar with in Pennsylvania. 1. Filing of the Chapter 13 bankruptcy petition. This is the first step in the process. As soon as you file, the automatic bankruptcy stay goes into effect. Any lawsuit, foreclosure action or collection action against you must be immediately stopped. This also means that creditors will not be able to
  3. 3. Chapter 13 Bankruptcy Timeline in Philadelphia www.getfreeofbills.com 4 legally contact you to collect on debt or to keep sending you billing notices. The filing of the Chapter 13 Bankruptcy also stops all collection activity by tax authorities. 2. Filing of repayment plan. Within 15 days of filing Chapter 13 bankruptcy, you or your attorney must file with the Court your repayment plan. In the plan you show which creditors you are able to pay and how much you can afford to pay. In many cases your creditors such as credit card debts, personal loans, lines of credit, utility bills and other debts will receive only a very small amount or even no payment. In some cases tax bills are reduced. Car payments are also sometimes reduced. You are allowed to get up to five years to get caught up if you are in arrears on your mortgage payments. Along with the plan are financial schedules which are filed with the court. While the court will request this information regardless of your situation, by working with a qualified attorney you never have to concern yourself with whether you are eligible. They can answer this question for you upfront before you even begin to file your case, and your attorney can complete and file all paperwork on your behalf.
  4. 4. Chapter 13 Bankruptcy Timeline in Philadelphia www.getfreeofbills.com 5 3. Making payments. Approximately one month after filing you will begin to make monthly payments. Even though the court may not have given you approval just yet, when you begin to make payments at this time it shows that you are serious about the Chapter 13 bankruptcy process and getting your finances back in order. For many people, the Chapter 13 plan is a dream. Many people do not realize that such a program exists to help people. 4. Meeting of creditors. Within 45 to 60 days after filing, you meet with a Chapter 13 trustee who reviews your Petition and plan. Creditors rarely attend the meeting even though they are entitled show up. It is at this time that your repayment plan is reviewed. Most of the time the only people attending the meeting are you, your attorney and the Chapter 13 Trustee. 5. Proofs of claim filed by creditors. All creditors are required by law to provide proofs of claim. In short, this shows the court how much money is owed to the creditor. If a creditor decides that they are not going to take part in this process and not file a proof of claim, they may not be able to
  5. 5. Chapter 13 Bankruptcy Timeline in Philadelphia www.getfreeofbills.com 6 receive any money through the repayment plan and the creditor’s claim may be wiped out without the creditor ever receiving a payment. 6. Confirmation hearing. This is one of the steps that you should be looking forward to, as it is when your trustee presents the court with your proposed repayment plan. Generally speaking, this will happen approximately one to three months after the meeting of creditors. In the Philadelphia area, you generally do not need to attend the confirmation hearing unless your attorney advises otherwise and tells you to show up. PROFESSIONAL ASSISTANCE IS A MUST At this point, you should have a better understanding of what goes into filing a Chapter 13 bankruptcy and how the timeline will unfold. At the same time, there is a good chance that you have many questions on your mind. This is because the above steps can sometimes be confusing, but you never know if you are going to run into any issues along the way.
  6. 6. Chapter 13 Bankruptcy Timeline in Philadelphia www.getfreeofbills.com 7 When you rely on the assistance of a bankruptcy attorney, you will always have somebody on your side who knows the ins and outs of the Chapter 13 bankruptcy process. This person can ensure that you are taking the right steps, making the right decisions, and doing whatever it takes to improve your financial situation and make your life better. Find a Philadelphia bankruptcy attorney who has helped others file for Chapter 13 in the past. This will put your mind at ease, allowing you to be confident in the person’s ability to help you through this difficult financial situation.
  7. 7. Chapter 13 Bankruptcy Timeline in Philadelphia www.getfreeofbills.com 8 About the Author David M. Offen A native to the Philadelphia area, Mr. Offen attended Temple University College and Law School. Mr. Offen is licensed to practice in the States of Pennsylvania and New Jersey. He is a member of the Eastern District of Pennsylvania Bankruptcy Conference and the National Association of Consumer Bankruptcy Attorneys. David M. Offen has over 20 years of experience and has helped over 8,500 individuals and families go through the Bankruptcy process. These filings have included stopping foreclosure on a home, stopping repossession of a car or vehicle, stopping IRS tax levies and frozen bank accounts and putting a stop to; lawsuits, credit card bills, personal loan, bills, utility shutoffs and other types of debt. With Mr. Offen’s help, these families have saved countless millions of dollars of debt. David enjoys getting to know his clients and will be happy to answer any and all questions you may have. You are treated as a person and not a number. Remember – there is no such thing as a silly question. Don’t be afraid to ask any questions you may have. David M. Offen has found that people looking to file Bankruptcy are not trying to avoid their responsibilities but rather to make a difficult situation easier. David enjoys getting people to stop worrying and making their financial lives much better and stop feeling overwhelmed. In some cases, Bankruptcy is not the best move and he can review your situation with you and tell you the right move for you to make. Get a completely free evaluation of your situation. For the past 20 years, the Law Offices of David M. Offen has been among the top filers of bankruptcy in the Eastern District of Pennsylvania. The Law Offices of David M. Offen 215-625-9600 www.getfreeofbills.com The Curtis Center 601 Walnut Street, Suite 160 West – 1st Floor Philadelphia, PA 19106

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