How Long Does Chapter 13 Last?

: Chris Lee Law Firm

  Filed under: Chapter 13

If you’re interested in filing for bankruptcy, you might be aware that you have two main types of bankruptcy available to you.  The first time of bankruptcy is Chapter 7, in which your non-essential assets are seized and sold in order to repay creditors (However, there’s a good chance you won’t have to give up anything!).  The other popular kind of bankruptcy is Chapter 13.  Under Chapter 13, you retain your assets and undergo heavy debt restructuring.

Chapter 13: Three to Five Years

Chapter 13 is a popular form of bankruptcy for people who either (a) have assets they don’t want to lose and/or (b) have a steady income, but are struggling to repay their debts.  If you’re interested in Chapter 13, one of your biggest questions is probably, “How long will I have to repay my debts?”

The answer to your question has many factors.  But, the standard answer is somewhere between three and five years.  During this three to five year period, you are protected by the bankruptcy court.  Essentially, creditors cannot harass you about any debts.  During this time, you are permitted to repay your debts on seriously reduced payment plans.

Whether your repayment plan gravitates toward a thirty-six month or a sixty-month payment plan depends upon your income, the amount of debt you carry, and what type of debt you carry.

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