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Bankruptcy ?

New Contributor

Bankruptcy ?

I am considering filing bankruptcy and I wanted to know if I file for Chapter 13 does it have to be spread across 3 to 5 years?


I know I owe my creditors, I'm not trying to avoid them; I had a difficult time last year with employment and paying bills on time but now I am on track and can pay but no one want to cut a deal to get rid of the fees. 


Any advice is helpful.

Message 1 of 4
Senior Contributor

Re: Bankruptcy ?

Sorry that you have not received any responses so far. I filed ch 7 so I don't know much about ch 13. My instincts tell me that the payment plan is dependent on your individual circumstances. The longer timeframe seems to be more likely.


Have you done some research on the internet? There is a huge amount of information writted/posted on the internet on this subject.


Hopefully someone with more direct expecience with ch 13 will chime in.



Message 2 of 4
New Contributor

Re: Bankruptcy ?

the total amount owed, percentage of that amount which was unsecured, and projected monthly disposable income all determined the length of our Ch 13 plan. i think there might possibly be more factors (such as the type of debt) that played into that also. ours was 60 months. i believe there is also a formula that determines 13 vs 7. apologies for not being much help, but i do remember us wanting a 36 month plan yet finding out that we had to do a 60.

Ch13 filed 3/2009 : discharged 1/2014
Starting 2/16/2013:
EQ673 TU667
Current 6/3/2018: EX816 EQ806 TU820
Goal: 850

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Message 3 of 4
Established Member

Re: Bankruptcy ?

I was forced into ch13.... 5 full years, could not pay off early, 70% went to taxes. Was a stressful 5 years. Make sure you get a great friendly attorney. Mine was good but had no empathy at all.

Message 4 of 4