Bankruptcy is not something that is easy to go through. For many there’s the shame of having to admit that they can no longer pay their bills and need help. Nevertheless, bankruptcy laws were developed to help such people get back on theri feet.
Bankruptcy laws can sometimes be so complex that people need chapter 13 bankruptcy explained simply to them. Chapter 13 bankruptcy differs from Chapter 7 bankruptcy in that it requires that the creation of a debt repayment plan to the creditors.
This plan can be as long as five years – the maximum amount of time that a Chapter 13 bankruptcy can extend. Under most Chapter 13 filings, the repayment plan will end up being anywhere from three to five years where debtors will be paid with regular installments.
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