You typically receive a discharge in Chapter 13 after completing your repayment plan, which lasts 3-5 years.
FAQ Tag: Chapter 13 Bankruptcy
Can I modify my Chapter 13 plan?
Yes, you may be able to modify your Chapter 13 plan if your circumstances change, such as experiencing a loss of income or unexpected expenses.
What are the advantages of Chapter 13 bankruptcy?
Chapter 13 allows you to:
- Keep your property, including your home and car.
- Stop foreclosure and repossession.
- Pay off certain debts over time.
- Consolidate debts and potentially reduce interest rates.
How does Chapter 13 bankruptcy work?
Chapter 13 involves creating a repayment plan to pay off a portion of your debts over 3-5 years. This plan consolidates your debts, often with reduced interest rates and manageable monthly payments.
What is Chapter 13 bankruptcy?
Chapter 13 bankruptcy allows you to keep your assets while establishing a manageable repayment plan over 3-5 years. This is a good option if you have a steady income and want to avoid foreclosure in Warren, MI, or elsewhere. Our attorneys can help you navigate the Chapter 13 process.