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If you have an income that is greater than the Illinois median for a household of your size, you may be eligible to file Chapter 13 bankruptcy. Chapter 13 bankruptcy permits you to repay your outstanding debts through a three-to-five-year repayment plan, and is generally a more favorable bankruptcy option from a creditor’s point of view. If one or more creditors take issue with your proposed repayment plan, however, you may have to go to a confirmation hearing. If so, here is how you should prepare.

Review Your Repayment Plan

After completing and submitting your Chapter 13 repayment plan, your creditors will have an opportunity to take a look. If your trustee or creditors identify an issue with your repayment plan, they will request a confirmation hearing. To adequately prepare for your confirmation hearing, consider reviewing your repayment plan for any glaring mistakes.

Identify Creditor Objections

As you review your repayment plan, you should be able to identify your trustee’s or creditors’ objections. Most of the time, creditors object to repayment plans because they feel they aren’t receiving enough money. Trustees often request hearings if they don’t believe the repayment plan to be feasible. Identifying the central issue behind the objection will help you prepare your counterarguments for the hearing.

Consult an Attorney

If you haven’t done so already, it’s a good idea to hire a skilled bankruptcy attorney before the confirmation hearing. An attorney can shoulder the burden of preparation and represent your interests during the hearing. Having an attorney by your side and vastly increase your chances of having your repayment plan confirmed.

If you’re planning on filing Chapter 13 bankruptcy, or have already done so and are facing a confirmation hearing, call Cutler & Associates, Ltd. at (847) 505-0380. Our Aurora bankruptcy attorneys can help you navigate the many difficult aspects of the bankruptcy process and help you find solid financial ground.