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Will all my debts be forgiven after my chapter 13 Bankruptcy gets filed?
I’m about to finish up chapter 13 bankruptcy proceedings, and I just want to know what happens after chapter 13 bankruptcy? Will all my debts and things be forgiven?
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Answers (1)
Chapter 13 is a different form of bankruptcy then chapter 7 bankruptcy. In chapter 13 bankruptcy, your debts are not all forgiven. Instead, the court will mandate a repayment plan in which you repay some or all of your debt to your creditors over a period of time. The repayment plan and the amount you repay will depend upon your personal circumstances and will be determined by the court after an evaluation of your assets and liabilities. In Chapter 13 bankruptcy, you generally get to keep most or all of your property, and at the end of your mandated payment plan, certain unpaid debts are forgiven. You should consult with an experienced bankruptcy attorney in order to ensure you understand the terms of your repayment plan and the conditions of your bankruptcy.
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Posted by Christy Rakoczy on 22 Jan 2010
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(4 Votes)