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A Chapter 7 bankruptcy can stay on your credit report for up to 10 years from the date the bankruptcy was filed, while a Chapter 13 bankruptcy will fall off your report seven years after the filing date. After the allotted seven or 10 years, the bankruptcy will automatically fall off your credit report.
A Chapter 13 discharge allows you to enter into a repayment plan, pay off a portion of your debt, and wipe out the rest of your dischargeable debt.
Your monthly net income (gross pay less employment taxes, income taxes, health insurance plan deductions, etc) is the starting point.
If you filed for bankruptcy to avoid foreclosure or are behind in house payments, your Chapter 13 plan payment could be more or less $1500 per month. Additionally, high income, high debt Chapter 13 filers would usually be required to make payments between $2000 and $3000, or even more.
Filing a Chapter 13 petition suspends pending foreclosures and payments of any other debts owed. This gives you relief from creditors while the court considers the plan, but it does not eliminate the debt.
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A Chapter 13 discharge allows you to enter into a repayment plan, pay off a portion of your debt, and wipe out the rest of your dischargeable debt.
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.
What is a Chapter 13 100 Percent Bankruptcy Plan? A 100% plan is a Chapter 13 bankruptcy in which you develop a plan with your attorney and creditors to pay back your debt. It is required to pay back all secured debt and 100% of all unsecured debt.
If you filed for bankruptcy to avoid foreclosure or are behind in house payments, your Chapter 13 plan payment could be more or less $1500 per month. Additionally, high income, high debt Chapter 13 filers would usually be required to make payments between $2000 and $3000, or even more.
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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