Bankruptcy Chapter 13
What Happens During Chapter 13 Bankruptcy
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- You file a plan to pay off your debt over time, usually three to five years.
- The court appoints a trustee to supervise and administer your repayments.
- While you're repaying your debts, your creditors can't add finance or late charges to them -- though interest will continue to accumulate.
- Whatever debt you have at the end of the repayment period -- if any -- will be discharged and you won't have to pay it.
- Before the discharge is complete, you will be required to take a financial management course from a nonprofit counseling agency.
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