In a chapter 13 bankruptcy case, you file a repayment plan that indicates how you will repay some of your debts over a period of three to five years.  You may be able to keep some of your assets, such as your car and house, as long as you continue to repay your creditors per your repayment plan.

After filing for bankruptcy, you will attend a creditors’ meeting , where a trustee will examine your repayment plan for confirmation. Working with a Chapter 13 lawyer in Delaware can help you file for bankruptcy correctly and can help you create a plan that has a good chance of being confirmed.

As soon as you have filed the petition with the Court, collection calls and actions are required to stop immediately. If you continue to get collection calls or creditors move against you after you have filed for bankruptcy, or after the bankruptcy has been discharged, contact your Chapter 13 lawyer in Newark, DE for help.

What Happens After Bankruptcy?

Once your plan is confirmed, most of your debts will be discharged after you have completed and paid your Chapter 13 plan. During the term of your repayment plan, the monthly payments you agreed to are withdrawn from your income or bank account.

Rebuilding Your Financial Life

You may also want to take voluntarily action to improve your financial life after a Chapter 13 bankruptcy. For example, you may want to take out a small credit card or loan within a few months and repay it in full to start rebuilding your credit or you may wish to start budgeting to stay ahead of your finances.

A bankruptcy lawyer in Delaware can help you through the bankruptcy process. An experienced Chapter 13 lawyer will work to keep your monthly payments reasonable and can seek to discharge or reduce some of your debts. They can also answer your questions and guide you through the process.