' 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

Can You File Bankruptcy on a Title Loan?

If you're struggling with debt and have a title loan, you may wonder if bankruptcy can help you escape that...
Read More

Will Bankruptcy Affect My Security Clearance?

When you're facing financial difficulties, the prospect of bankruptcy can be daunting. This concern is amplified if you hold or...
Read More

What is Involuntary Bankruptcy?

Bankruptcy is a legal process that allows individuals or businesses to resolve their debts under the protection of a bankruptcy...
Read More

Is It Bad to File Bankruptcy at a Young Age?

Filing for bankruptcy is often viewed as a last resort for those overwhelmed by debt. While it is a significant...
Read More

How Far Back Does the Bankruptcy Trustee Look?

Filing for bankruptcy is a complex process that requires full transparency and cooperation with the bankruptcy trustee assigned to your...
Read More

Can Bankruptcy Be Reversed?

Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of...
Read More

Can I Sell My House While in Bankruptcy?

Filing for bankruptcy can be a complex and stressful experience, especially when it comes to your significant assets like your...
Read More

Does Bankruptcy Clear Attorney Debt?

Filing for bankruptcy is a complex process that often requires the expertise of a bankruptcy attorney to navigate successfully. However,...
Read More

What to Ask a Bankruptcy Attorney?

Deciding to file for bankruptcy is a significant and often emotional step, and having the right legal guidance is crucial...
Read More

How Can I File Bankruptcy with No Money?

Filing for bankruptcy is often seen as a last resort for those overwhelmed by debt. It's a step that provides...
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

813.536.4468

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 328-6667
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) 274-9155

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 492-2663

Map And Directions