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The average person goes through one of two types of bankruptcy: Chapter 7 or Chapter 13. While Chapter 7 eliminates all your debt, Chapter 13 is a repayment plan. Once you file, youll work with a trustee to come up with a court-approved payment plan.
Short answer: Yes, you can pay off a Chapter 13 bankruptcy early but it may cause you to pay more than you are otherwise required to do so.
To complete a Chapter 13 bankruptcy, you need to make monthly payments for either three or five years. Whether you pay for three years or five years depends on your income. If your income is less than the state median, you pay for three years. If your income is more than the state median, you pay for five years.
The court will base your disposable income on your income and expense schedules: Schedule I lists your monthly income from all sources, and Schedule J lists your monthly expenses. The difference between your income on Schedule I and your expenses on Schedule J will be your Chapter 13 plan payment.
In order to be eligible to file for Chapter 13 Bankruptcy, the filing individual(s) must owe less than $1,184,200 in liquidated, noncontingent secured debts, and less than $394,725 in liquidated, noncontingent unsecured debts. 11 U.S.C. 109(e).
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In most cases, no: You cannot remove a bankruptcy from your credit report. Remember, it will be removed automatically after seven or 10 years, depending on the type of bankruptcy you filed. In the rare case that the bankruptcy was reported in error, you can get it removed.
If you pay your Chapter 13 plan off early, you alter the agreed upon terms of your bankruptcy case. Now, youll be responsible for paying your creditors all of your original outstanding debt, including the amount that wouldve been discharged.
The court will grant your request for a hardship discharge if you can prove three conditions: Circumstances beyond your control. Unsecured creditors received adequate payment. Modification of your plan is not practical.
To obtain the hardship discharge the debtor must first show an inability to continue making the scheduled Chapter 13 plan payments. In other words, something has happened to you financially that reduced your income or ability to pay your creditors. The change in finances must be beyond the debtors control.
To calculate the total average monthly payment, add all amounts that are contractually due to each secured creditor in the 60 months after you file for bankruptcy. Then divide by 60.

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