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Proposed changes for Chapter 13 bankruptcy

Florida residents who file for Chapter 13 bankruptcy often do so in order to keep some of their assets. This type of bankruptcy allows a person to arrange a payment plan that lasts for three to five years. The Judicial Conference Advisory Committee on Bankruptcy Rules has proposed an amendment to an existing rule, Rule 3015, and a new Rule 3015.1. People are invited to electronically submit comments on the new rule until Oct. 3. The general public is also invited to present testimony in person regarding the rule on Sept. 27 in California.

The amendments deal with the introduction and use of a national Chapter 13 plan form. A local form might be used in place of this national form, and Rule 3015.1 deals with the features that this local form will need to have in order to replace the national form.

The aim is to keep these forms consistent with the national form, and the requirements deal with both formatting and content. For example, the paragraphs are supposed to be numbered, and the last paragraph has to state nonstandard provisions and void any nonstandard provisions that are elsewhere in the plan.

As these proposed changes suggest, filing for Chapter 13 bankruptcy can be a complex process involving a great deal of precise paperwork. Errors in this paperwork might cause serious delays or could invalidate the filing. As a result, people who are considering filing for Chapter 13 bankruptcy might want to discuss their situation with an attorney. There are a number of advantages to filing for bankruptcy. Doing so can put a stop to creditor harassment. It can also help filers begin to rebuild their credit. Contrary to many people's misconceptions about bankruptcy, filing can help save a person's home and result in a fresh financial start.

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