Chapter 13 Bankruptcy

Any person choosing to file a chapter 13 bankruptcy is required to undergo a court supervised debt reorganization. The courts and the debtor create a repayment plan in an attempt to give the creditors their money, in a chapter 13 bankruptcy. After filing a chapter 13 bankruptcy, you generally have from three to five years for repayment.

Chapter 13 Bankruptcy:- During this time, the creditors are legally prevented from contacting you in any way, that may be constituted as harassment to collect money owed. Essentially, with a chapter 13 bankruptcy, after declaring the bankruptcy the individuals will generally have the ability to keep their assets and property, however, they will be forced to repay the creditors. Most times creditors will receive less money than in the original debt, but they still prefer a chapter 13 to a chapter 7 filing. With a Chapter 7 filing they will receive little to no money in regards to the amount owed.

There are drawbacks to filing under chapter 13 of the bankruptcy code. As an example of this, the bankruptcy will remain on your credit report for a maximum of ten years. Furthermore, while you have a Chapter 13 bankruptcy pending, you will not be able to apply for or obtain any form of credit, unless you have permission from the trustee appointed by the court. Additionally, it might be harder to obtain credit later on. If you do receive any credit it will come heavy with interest rates.

However, there are advantages as well, such as stopping any pending or threatened foreclosures on your home and harassing phone calls from creditors or bill collectors.

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