Chattanooga Bankruptcy Attorneys, Clark & Washington, Disclose What You Need to File for Chapter 13

    NORCROSS, GA, July 30, 2013 /24-7PressRelease/ -- The Chattanooga bankruptcy lawyers, Clark & Washington, want to remind residents of what they need to have in order to file for Chapter 13 bankruptcy. It is important to note that the court is going to take your income and debts into consideration before granting your eligibility. The bankruptcy attorneys in Chattanooga note that while most individuals are clear to file, those with total secured and unsecured debts exceeding a certain number and those who lack enough income, are often denied their requests. The reason being that with a Chapter 13 bankruptcy, you are asking the court to grant you a repayment plan, which is typically up to three years, rather than immediately surrendering your assets.

Given this arrangement, the court will need to know you are capable of successfully following through with the repayment terms, and they do this by inspecting your income. Thus, the Chattanooga bankruptcy attorneys state you will need to show proof of your debts and report your total income. These include your regular wages, any self-employment income, pension payments, social security benefits, child support and alimony (among others). The bankruptcy lawyers in Chattanooga note the importance of accurately reporting this information to the court. To do this, they say to file a petition in your local district, a schedule of your assets and liabilities, as well as exempt assets and unexpired leases. The Chattanooga bankruptcy lawyers note that once you have filed the proper forms, you will have to pay the required filing and administrative fees for the information to be legally binding. After this has been completed, you will need to file a repayment plan and attend the meeting of creditors, the date of which will be scheduled by the court. The judge will give the final order at the confirmation hearing.

Clark & Washington are a leading group of bankruptcy attorneys in Chattanooga. To learn more about their services, please visit http://www.chattanooga-bankruptcy-attorney.com.

About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter 7 and chapter 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit http://www.chattanooga-bankruptcy-attorney.com.

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