What You Need to Know about Chapter 13 Bankruptcy Confirmation Hearings
Chapter 13 Bankruptcy is the second most common kind of bankruptcy filing in the United States. In this form of bankruptcy, debtors establish a repayment plan under which they will pay off debts over a set time period – usually between three and five years. At the confirmation hearing, a judge will make a decision whether to approve or reject your repayment plan.
This can be a very trying time in your life. Fortunately, you do not have to go through it alone. If you are suffering financially, Chapter 13 bankruptcy may be the best option for getting out of debt. For more information about Chapter 13 bankruptcy and even the details of your hearing, contact the Boston Chapter 13 bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346 today.
Why Your Case May Be Denied
Some of the most common reasons why plans are rejected during the confirmation hearing include the following:
- The creditors believe they can get more money if you were forced into Chapter 7 bankruptcy
- There is not enough money in your plan to pay the trustee’s office
- Your plan will take longer than the five year time limit
- You are not allocating enough disposable income to the plan
If the judge approves your plan, you are then responsible for the terms in your confirmed plan. If your plan is rejected, you can either submit a revised plan or decide to file for Chapter 7 bankruptcy instead.
Contact Us
If you or someone you know has questions about Chapter 13 bankruptcy, then contact the Boston Chapter 13 bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346 today to schedule an initial consultation with a compassionate and knowledgeable attorney.
