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THE BENEFIT OF CHAPTER 13 The court may discharge the remaining amount you arent able to pay over the years. Another benefit of Chapter 13 is that you may keep your important assets, like your home or car. You dont have to give up everything to pay your debts and move forward in a better financial position.
Under Chapter 13 bankruptcy, you agree to a three- to five-year debt repayment plan, based on your income, and creditors dont seize your assets as long as you make your payments.
Many Chapter 13 Bankruptcies Fail And thats due in large part to the fact that Chapter 7 cases are much simpler and quicker. The main reason so many Chapter 13 cases fail is that its difficult to stick to the required 35-year repayment plan. Most payment plans under Chapter 13 are five years long. Why Chapter 13 Is Probably a Bad Idea - Upsolve upsolve.org learn why-chapter-13-is-probably upsolve.org learn why-chapter-13-is-probably
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