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When the economy takes a turn for the worse, it can wreak havoc on individuals and their ability to pay their debts. Those who are still employed but having trouble meeting all their obligations each month may benefit from Chapter 13 in Columbia SC. What is Chapter 13 Bankruptcy? Chapter 13 is known as debt restructuring. It is a chapter made available to those who are still earning an income but the income is not enough to meet the current bills. It restructures your debt and gives you a three to five year period in which to repay the debt. It also offers protections to your house. What are Five Easy Steps to File Chapter 13? 1. Meet with a qualified attorney to review your situation. At this meeting, you and an attorney will discuss your options and determine whether you meet the legal requirements to file Chapter 13 in Columbia SC. . 2. Collect all your financial paperwork. Your attorney will need copies of records such as taxes, income verification, loans on cars or houses, insurance policies, etc. 3. Come back for Follow-up Visit. After you have collected your paperwork, you will need to meet with an attorney again to begin the formal process. They will then prepare the necessary legal paperwork for your filing. 4. File your case. After all the paperwork is done, then you will meet again to sign all the documents and file the paperwork. 5. Have a meeting with a trustee. The final step to complete your filing is to meet with a trustee appointed by the court. The trustee will verify all the information and schedules. Creditors are invited to attend, but usually don’t.
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