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How can a monthly payment plan be beneficial in bankruptcy?

It is very common for people to get into debt because they have challenges in the way that they manage their cash flow. Perhaps the complexity of your finances has meant that you are having trouble budgeting effectively and controlling your outgoings. These problems can make falling into debt very easy.

One of the ways that Chapter 13 bankruptcy can help debtors is by helping them to create a payment plan that, when followed, can successfully repay the debt that they owe over a period of time.

How does the payment plan differ from any other budget?

A payment plan in Chapter 13 bankruptcy is different from any other type of budgeting technique because it enables the redistribution of debt. This means that if you are struggling with high debt repayment obligations now, it is likely that you will be able to spread these repayment costs over a more realistic time frame.

Will I be able to get a debt discharge under Chapter 13 bankruptcy?

It is possible under Chapter 13 to get a discharge of debts. This means that upon the completion of your agreed payment plan, the court will allow some debts to be dismissed. Debt discharges can apply to debts such as credit cards and loans, but will never be applied obligations like missed child support payments.

If you want to get back on track financially by setting up a comprehensive payment plan, filing for Chapter 13 bankruptcy might be the best option for you. It is important to remember that the plan can be lengthy and will require commitment.

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Schwartz Bankruptcy Law Center

Office Locations:

Louisville Office
3339 Taylorsville Road
Louisville, KY 40205

Phone: 502-785-8549
Phone: 502-485-9200
Fax: 502-485-9220
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New Albany Office
501 State Street
New Albany, Indiana 47150

Phone: 502-785-8549
Phone: 812-945-9200
Fax: 502-485-9220
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