Meeting with Your Creditors
The meeting of creditors will take place within 40 days after you file for Chapter 13. At this meeting, your creditors will be able to ask you questions about the information in the documents previously collected by the trustee. They can also raise concerns or outright objections to your repayment plan to persuade or pressure you into making adjustments. It’s important to consider that any objections your creditors raise during this meeting must also be separately filed in writing to the court in order to be considered in the judge’s ruling.
The Confirmation Hearing
Typically held not longer than six weeks after the creditors’ meeting, your confirmation hearing will take place. This will be the time when a judge addresses any objections submitted by your creditors and decides whether or not to approve your repayment plan.
After Your Plan’s Approval
Your creditors will file their “proofs of claim,” which outline how much you owe them. If you or the trustee objects to any of these claims, it must be done so by filing a written objection. Over time, the trustee will send you statements that detail all of the claims filed against you and the balance still due to each creditor.
While your Chapter 13 plan is active, you will file an annual income and expense statement with your trustee if such a document is requested by any party or the court as a condition of your plan’s approval.
Completing Your Repayment Plan
Before you make the final payment on your repayment plan, you will file a certificate with the show demonstrating that you completed a personal finance management course.
At the time you’ve made your final payment, it will likely have been three to five years since it was approved. When you complete your plan, the court will grant a discharge of your remaining debt, which may occur during a final but brief hearing.
Contact Financial Relief Law Center, APC for Help!
Our Chapter 13 attorneys can help you reorganize your financial obligations to satisfy your debt for less than it may be worth.
Contact us online to schedule a free consultation where you can learn how we may be able to help you.