Preparing for a Chapter 13 Confirmation Hearing
Posted By MatadorAdmin || 14-Aug-2022
Chapter 13 Bankruptcy Lawyer
Declaring Chapter 13 bankruptcy is a big decision and can be quite stressful. The confirmation hearing is the last step in Chapter 13 bankruptcy. During this hearing, a judge will assess your repayment plan and decide to accept or reject it. If your plan is confirmed, your obligations are reset and your creditors must accept your repayment.
What Can Occur During a Confirmation Hearing
If this is your first time filing for Chapter 13 bankruptcy, you may be nervous and not know what to think of the confirmation hearing. Here are the general outcomes that may occur:
- A judge confirms your plan. In the most ideal situation, a judge will accept your plan and you will be on your way. After your plan is confirmed, your creditors are required to accept the terms in payment.
- A judge continues the hearing. If there are issues with your plan, a judge may decide to continue the hearing to let you resolve matters. For example, if your creditors object to your plan because they do not think it deals with their claims properly, your case may receive a continuance.
- A judge dismisses your case. If you do not earn enough money to realistically enter into a Chapter 13 repayment plan or are not making your payments under your proposed plan, a judge may decide to dismiss your case. You may also request for your case to be converted to Chapter 7 bankruptcy.
Hiring a Lawyer
If you plan to file for Chapter 13 bankruptcy, it is in your best interest to consult an experienced bankruptcy lawyer. He or she can assess your financial situation and determine if Chapter 13 is the right choice for you or not. If a lawyer does agree that you are a good candidate for this bankruptcy, he or she can help you file the paperwork accurately and by the deadlines.
A Chapter 13 bankruptcy lawyer can also negotiate with your creditors and attend all of your court dates, including the confirmation hearing. A lawyer will provide you with sound legal advice along the way and prevent you from making costly mistakes. With a skilled lawyer on your side, you have a better chance of getting your bankruptcy approved.