For some borrowers who have fallen behind on their payments, a Chapter 13 bankruptcy can be the best way to recover your financial footing and get back on track. However, some who could benefit from restructuring their debts hesitate, intimidated by the complexity of the system. To help ease your mind, Greg Dunn, a Bankruptcy Attorney in Honolulu, HI, offers this walk-through of the Chapter 13 bankruptcy process.

Filing The Paperwork

A petition must be filed with the court describing your assets and debts, along with your tax returns and major transactions over the previous few years. You'll also need to complete the basic credit counseling course and submit your first payment plan within 15 days of filing.

The Creditor's Meeting

Approximately 30 days after filing your petition, you'll have to meet with the court-appointed trustee to discuss your payment plan and address any concerns. Your creditors may send representatives to protect their interests, but most rarely do.

The Confirmation Hearing

30 days or so after the creditor's meeting, you may be summoned to a confirmation hearing in the courtroom, where the bankruptcy judge will review your latest proposal and give you the opportunity to make any adjustments necessary.

Completing The Payment Plan

Making the payments to the trustee on time is one of the most difficult aspects of a Chapter 13 bankruptcy. You'll also be required to attend another counseling session and submit paperwork proving your progress in managing your finances.

The bankruptcy code is far from simple, so you should never try to go through it alone. An experienced bankruptcy attorney will ensure that you get the maximum benefit from your petition, and keep as much of your property as possible. Visit Greg Dunn, Bankruptcy Attorney online to learn more, or call (808) 524-4529 to schedule a consultation today.