The first step in filing for chapter thirteen is to attend credit counseling. This is required by the bankruptcy code. Only certain agencies are approved for this counseling, so be sure to consult with your bankruptcy attorney to make sure the agency you use will qualify. The agency may come up with a plan for you to pay back your debts. If so, you have to give a copy of the plan to the court when you file for bankruptcy.

Your repayment plan must be submitted to the court within fourteen days from the date you file your bankruptcy papers. Most likely, your lawyer will submit your paperwork for you and will do it all at the same time. Sometimes the plan will be filed later so that you can have an earlier filing date so you can get the foreclosure process stopped and give yourself a little more time to prepare the plan.

After filing, a creditor’s meeting will be set up. You must appear at this meeting to answer your creditors’ questions about your repayment plan. Some of your creditors may question the amount you are proposing to pay. They want to make sure that you will not have any money left over after paying your debts and necessary living expenses.

After the meeting has been conducted, the bankruptcy judge can take up to 45 days to approve or deny your proposal. In any case, you are required to start making the payments proposed under the plan within 30 days, so that means you may have to start paying on the plan before you know whether it will be accepted.

The biggest drawback to using chapter thirteen bankruptcy to stop foreclosure is that if you are unable to pay the payments as agreed, you could still end up going through foreclosure. The judge can dismiss your case or make you go through chapter seven, where your assets are sold to cover your debts, if you don’t pay everything as agreed. For this reason, you should consider all of the potential risks and benefits before deciding to go ahead with filing for bankruptcy.

Call Janian & Associates for a free consultation with a Loan Modification Attorney.

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This video discusses how we help our Short Sellers to no longer get those harassing phone calls from the bank, nasty or nice.
The Fair Debt Collection Practices Act (FDCPA), 15 U.S.C. § 1692 et seq., is a United States statute added in 1978 as Title VIII of the Consumer Credit Protection Act. Its purposes are to eliminate abusive practices in the collection of consumer debts, to promote fair debt collection and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information’s accuracy. The Act creates guidelines under which debt collectors may conduct business, defines rights of consumers involved with debt collectors, and prescribes penalties and remedies for violations of the Act. It is sometimes used in conjunction with the Fair Credit Reporting Act.
The FDCPA broadly defines a debt collector as “any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another.” [1] While the FDCPA generally only applies to third party debt collectors–not internal collectors for an “original creditor” — some states, such as California, have similar state consumer protection laws which mirror the FDCPA, and regulate original creditors. In addition, courts have generally found debt buyers to be covered by the FDCPA even though they are collecting their own debts. The definitions and coverage have changed over time. The FDCPA itself contains numerous exceptions to the definition of a “debt collector,” particularly after the October 13, 2006, passage of the Financial Services Regulatory Relief Act of 2006. Attorneys, originally explicitly excepted from the definition of a debt collector, have been included (to the extent that they otherwise meet the definition) since 1986.
The FDCPA’s definitions of “consumers” and “debt” specifically restricts the coverage of the act to personal, family or household transactions. Thus, debts owed by businesses (or by individuals for business purposes) are not subject to the FDCPA.

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