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Don’t forget to address these Chapter 13 bankruptcy questions

If you aren't eligible for Chapter 7 bankruptcy, there may come a point when you learn more about Chapter 13. While this is a different approach to improving your financial situation, there are a variety of benefits that can work in your favor if you go forward with a Chapter 13 filing.

The main thing to remember about Chapter 13 bankruptcy is that you are required to repay some of your debts through a repayment plan. This plan typically lasts for three to five years, so you must be committed over the long term.

If you're interested in a Chapter 13 bankruptcy filing, here are several questions to answer:

  • Does filing for Chapter 13 bankruptcy mean that creditors can no longer collect a debt? Yes, there is an automatic stay that goes into place that stops creditors from pursuing debts when you file for Chapter 13 bankruptcy.
  • What is included in the Chapter 13 bankruptcy repayment plan? To qualify, you must agree to repay all priority debts and secured creditors in full. You must also repay a portion of the money you owe to unsecured creditors.
  • Is Chapter 13 bankruptcy an option for discharging student loan debt? Typically, the answer is no. It's never easy to convince the court to discharge student loan debt, so you shouldn't expect this to happen.

These are not the only questions to address as you decide for or against Chapter 13 bankruptcy, but they are among the most important, as they'll impact your situation and future decisions.

The more knowledge you collect about Chapter 13 bankruptcy, the easier it is to decide how to proceed.

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