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What information is required when you file for Chapter 13?

Since you have discovered that your growing debt is creating extreme difficulties in your ability to repay your lenders on time, you have considered filing for bankruptcy in Connecticut. With your decision made, you are now working to file your claim and hear the outcome of your request. Understanding the information that is required for your claim to be considered is important to save yourself time by completing the documentation correctly from the start.

According to the United States Courts, you will need to make a comprehensive list of all of the property that you own. You will also be required to detail how much income you are receiving including where it comes from, how frequently you receive it and how much each payment is for. Along with this, you will need to disclose an approximated list of your expenses and where your money goes once you receive compensation of any kind. A complete list of the entities that you owe money to, including for how much and what for, will be required to complete your claim. 

Choosing to file for bankruptcy may be a viable solution to relieving you of debt that has begun to create financial distress. However, you should be aware that bankruptcy can have lasting effects on your credit score and other financial components. Fortunately, with a commitment to avoid behaviors that may have contributed to your inability to repay in the first place, and then working hard to reorganize and rebuild your financial structure, you can overcome bankruptcy and discover the freedom of living debt-free. 

The information in this article is intended for educational purposes only and should not be taken as legal advice.