' What Happens at the End of a Chapter 13 Bankruptcy? - Law Offices of Robert M. Geller, P.A.
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What Happens at the End of a Chapter 13 Bankruptcy?

what happens at the end of a chapter 13 bankruptcyDealing with bankruptcy is never easy. However, if you find yourself in a situation where you need to file for bankruptcy, Chapter 13 can be a good option. Unlike Chapter 7, which involves liquidating your assets to pay off your debts, Chapter 13 allows you to reorganize your debts and pay them off over time.

But what happens at the end of a Chapter 13 bankruptcy?

Completion of Repayment Plan

Once you file for Chapter 13 bankruptcy, you must create a repayment plan outlining how you will pay off your debts over the next three to five years. You will pay monthly to a court-appointed trustee who will then distribute the payments to your creditors.

Assuming you have made all your payments on time, any remaining dischargeable debts will be discharged at the end of your repayment period.

Discharge of Debts

You’re eligible for the discharge of your unsecured debt once you complete your repayment plan. This includes any unsecured debts that were not paid off during the repayment period. Unsecured debts include things like credit card debt, medical bills, personal loans, and payday loans.

However, not all debts are dischargeable so make sure you understand which debts are and are not eligible for discharge.

Renewal of Secured Debts

Secured debts, such as a mortgage or car loan, are not discharged at the end of your Chapter 13 bankruptcy. Instead, you will need to continue making payments on these debts after the bankruptcy is complete.

In some cases, you may be able to renegotiate the terms of your secured debts during the repayment period.

Removal of Bankruptcy from Credit Report

A Chapter 13 bankruptcy remains on your credit report for up to seven years from the date you filed. However, once the bankruptcy is complete and discharged, you can begin taking steps to rebuild your credit. It is important to make all your payments on time, start building a savings account, and avoid taking on more debt than you can handle.

Finalizing the Case

After you complete your payment plan and all your debts are either discharged or paid in full, you will need to file a motion for the court to close your case. Once the court approves, your Chapter 13 bankruptcy will be officially over.

Filing for Chapter 13 bankruptcy can feel overwhelming. Understanding the process and what happens at the end of it can help ease some of the stress. It is important to remember that filing for bankruptcy is not the end of the world. It can be an opportunity to start fresh.

If you are considering filing for bankruptcy and you’re not sure if Chapter 13 is right for you, an experienced bankruptcy attorney can help. They’ll answer your questions and evaluate your situation, so you can make the best possible decisions.

For more information, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation with an experienced attorney.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How to Get Out of Debt: Exploring Your Options

Debt is a pervasive issue that affects millions of people worldwide. It is hard to escape debt, especially if you...
Read More

How Will Bankruptcy Affect My Child Support Obligations?

Parenting can be tough, and it's even harder when you're facing financial difficulties. Struggling with debt and bankruptcy can cause...
Read More

Student Loans: Is Discharge in Bankruptcy Possible?

Student loans have become a necessary evil for most students to pursue higher education. The cost of education has increased...
Read More

Should I File Bankruptcy for Credit Card Debt?

Credit card debt can be a huge burden on our financial lives. The pressure to make payments, maintain balances, and...
Read More

Can Bankruptcy Stop Wage Garnishment?

Wage garnishment is a legal process in which a creditor can collect a debt by receiving a court order that...
Read More

Bankruptcy Guide: How It Works, Types, and Consequences

Dealing with money problems can be a stressful and overwhelming experience. Sometimes, debt can become unmanageable, and it may feel...
Read More

What to Say to Someone Going through Financial Problems

Financial problems can be one of the most stressful experiences a person can go through. If you know someone who...
Read More

How Do People Get Into Debt?

How do people get into debt? Are you struggling with debt? Do you feel like the weight of your financial...
Read More

Don’t Fret About Debt

Debt can be a huge source of anxiety and stress for anyone. Whether caused by an unexpected medical expense or...
Read More

2023 Bankruptcy News

Bankruptcy is a concern for many people. For some, debt is a grim reality that affects all aspects of their...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions