A Chapter 13 bankruptcy can be the best choice if you have a regular income. This type of bankruptcy is called a wage earners plan. Under Chapter 13 you may have the opportunity to keep your property while your debts are paid over a three or five year period. The plan for repayment of debts must always be five years or less. During this time the law forbids your creditors from starting or continuing collection efforts.

A person filing for chapter 13 bankruptcy must file with the bankruptcy court that serves the jurisdiction where they live. The court will require you to have a set of documents that must include:

1. Schedules of assets and liabilities
2. A schedule of current income and expenditures including source, amount, and frequency.
3. A schedule of executory contracts and unexpired leases
4. Detailed list of the debtor's monthly living expenses (food, clothing, medicine, etc.)
5. List of all of the debtor's property
6. A statement of financial affairs
7.  Miscellaneous official bankruptcy forms
8. Copy of tax returns
9. The person filing for chapter 13 bankruptcy must also file a certificate of credit counseling and a copy of any debt repayment plan developed through credit counseling
10. Evidence of payment from employers, if any, received 60 days before filing
11. a statement of monthly net income and any anticipated increase in income or expenses after filing.
12. Record of any interest the debtor has in federal or state qualified education or tuition accounts
13. The debtor must provide the chapter 13 case trustee with a copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the case

Married individuals must gather this information for their spouse regardless of whether they are filing a joint petition, separate individual petitions, or even if only one spouse is filing. In a situation where only one spouse files, the income and expenses of the non-filing spouse is required so that the court, the trustee and creditors can evaluate the household's financial position.

Additional information about Bankruptcy

• The Process of Bankruptcy
• Bankruptcy Filing Fees in South Carolina
• Bankruptcy Discharge
• Chapter 7 - Under the Bankruptcy Code
• Chapter 13 - Individual Debt Adjustment
• Chapter 11. Reorganization Under the Bankruptcy Code
• Chapter 9. Municipality Bankruptcy
• Chapter 15. Ancillary and Other Cross-Border Cases
• SCRA. Servicemembers' Civil Relief Act
• SIPA. Securities Investor Protection Act
• Glossary - Terms You Need to Know
• Approved Credit Counseling Agencies

The information presented in our pages on bankruptcy should not be cited or relied upon as legal authority and should not substitute for the advice of a competent bankruptcy attorney.