Teaser, if you’re qualified to file for Chapter 13, you’ll be allowed to design the repayment plan to allow you to settle the debt in a period of three to five years. In Chapter 13, debtors (those seeking bankruptcy) need to propose a payment plan before the judge. The repayment plan must include any disposable income, which is the income that the debtor is expected to earn during the next three to five years.
Creditors will be able to refuse to accept the repayment plan when the debtor has submitted it. The court is likely to approve the repayment plan if there is no objection or other concerns. If the court accepts the payment plan, the debtor must make the required payments promptly and on time. If they do not then they may lose their bankruptcy protections. There are some requirements for eligibility that are strict. for Chapter 13 may exclude some people from obtaining the benefits however, there are some important advantages that make this type of bankruptcy an attractive choice for the majority of debtors. 9cih4q2cqz.