Accomplishment of Discharge
A Chapter 13 Bankruptcy requires the debtor to pay the trustee a set monthly amount for a period of 36-60 months. After the balance owed and term have been completed then the trustee will close and discharge case. Receiving a discharge in a Chapter 13 bankruptcy will give the debtor a sense of accomplishment and fresh start to financial freedom.
Only about 40% of Chapter 13 case are successfully completed and discharged. Statistically, most debtors that file Chapter 13 either fail or opt to convert case to Chapter 7. It is extremely important that you practice strict spending habits while in bankruptcy so you don’t hit any of the pitfalls.
After discharge, you can begin to rebuild your credit history and will learned a valuable lesson about you, your family and your financial requirements.
To learn about bankruptcy, please click on the links below:
Chapter 7 or Chapter 13
Top Signs that you may need to file bankruptcy
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Choosing Bankruptcy Attorney
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