Longmont Chapter 13 Bankruptcy Attorney 

• Meeting of creditors: Approximately 30 to 45 days after the petition is filed, you must attend a meeting of creditors. This is a relatively informal proceeding where the bankruptcy trustee and your creditors can ask you questions about your financial situation and the information in your petition.
• Developing the repayment plan: After the meeting of creditors, you have 14 days to submit a proposed repayment plan to the court. The plan must be based on your disposable income, which is the amount of money you have left over after paying your necessary living expenses.
• Confirmation hearing: The court will hold a confirmation hearing approximately 30 to 45 days after the meeting of creditors to determine if your repayment plan is feasible and if it complies with the bankruptcy laws. The court can also modify the plan if it believes that it is unfair to your creditors.
• Completing the repayment plan: After the court confirms your repayment plan, you must begin making the payments. The payments are typically made through the bankruptcy trustee, who will then distribute the money to your creditors. You will be required to pay a portion of your unsecured debts, such as credit card debt and medical bills, as well as any missed payments for secured debts, such as your mortgage or car loan. The length of the payment plan depends on your income and is typically 3 to 5 years. Once you have completed the payment plan, any remaining unsecured debts will be discharged.

What Are the Eligibility Requirements for Chapter 13 in Longmont?

Chapter 13 bankruptcy is not available to everyone. There are several eligibility requirements that you must meet to qualify, including the following:

• You must be an individual. Corporations, partnerships, and other business entities are ineligible to file for Chapter 13 bankruptcy.
• You must have a regular source of income. This can be from employment, self-employment, rental property, or other sources. If you do not have a regular source of income, you may still be able to qualify if you have a family member or other individual who can help you make the payments.
• Your unsecured debts cannot exceed $419,275, and your secured debts cannot exceed $1,257,850. These amounts are adjusted periodically to account for inflation. If your debts exceed these limits, you will need to file for Chapter 11 bankruptcy rather than Chapter 13.
• You must reside in Colorado for a minimum of 91 days before you can file for bankruptcy.