Call for a free bankruptcy consultation

Louisville |


New Albany |

Schwartz Bankruptcy Law Center

Understanding the challenges of Chapter 13 bankruptcy

Chapter 13 bankruptcy offers many people the chance to be free from creditor actions and to pay back their debts over a reasonable timeframe. While filing for this bankruptcy chapter offers debtors some unique opportunities, the challenges should not be underestimated. Undertaking a Chapter 13 bankruptcy requires commitment and dedication.

If you are considering filing for Chapter 13 bankruptcy, you should take the time to understand the entire process, as well as the challenges involved so that you can make an informed decision.

Maintaining a steady income

Chapter 13 bankruptcy is essentially a repayment plan that takes place over three to five years. The terms of the plan will be based on your monthly income as well as the expenses that you are subject to, and the cost of living. Therefore, to be successful, you must be able to maintain your income over an extended period of time.

Making sacrifices regarding your lifestyle

If you are used to taking frequent lavish vacations and shopping for expensive items in the mall, your lifestyle will have to change significantly when filing for Chapter 13 bankruptcy. Almost all of your disposable income will need to be dedicated to repaying your debts.

Keeping motivated in the long-term

Being so frugal can be difficult to stick to in the long term, and this is why not everyone successfully completes a Chapter 13 bankruptcy. However, if you do complete the bankruptcy, any remaining debts will likely be completely cleared.

If you are considering filing for bankruptcy, you should try to research all options so that you have a comprehensive overview.

No Comments

Leave a comment
Comment Information
Make A Payment Email Us For a Response

Need A Solution To Your Debt Problems?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Make A Payment
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
Louisville Law Office Map

New Albany Office
501 State Street
New Albany, Indiana 47150

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