How Long Does a Chapter 13 Bankruptcy Take

Posted by Wesley Scott on August 1, 2020 at 1:06 PM
Wesley Scott

 wait_to_file_bankruptcyA Chapter 13 Bankruptcy is a government sponsored debt consolidation plan. It is government sponsored because our legislators enacted Chapter 13 Bankruptcy into law under Title 11 of the U.S. Code. 

A Chapter 13 Bankruptcy is a minimum of 36 months and a maximum of 60 months. You cannot exceed 60 months in duration and you cannot go lower than 36 months unless your plan is a pay in full plan. Now, a 5 year plan can seem like a long time. It’s no different than I felt starting college and thinking, four years of this? But I just had a client call me the other day and say, she is one payment away from completing a 5 year plan and she was remarking how fast it went.

When you plug along and start the process it can go quicker than you think. A journey of a million miles starts with the first step. Besides, what is the alternative to a government sponsored debt consolidation plan? The alternative is to be stuck in some traditional debt consolidation plan where creditors are in control and they are not required to comply with you debt consolidation plan like they are in a Chapter 13 Bankruptcy.

The biggest benefit for most people is you get the protection from your creditors plus you only pay pennies on the dollar. For example, say you have 50k in debt. But, say over the course a 5 year plan you only pay 10k off. Your liability on the balance of the unpaid 40k gets wiped out, tax free, forever. Fantastic right? We think so.

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A Word from a MN Bankruptcy Attorney, Wesley Scott