I am often asked as an Elmwood Park bankruptcy attorney, is Chapter 13 difficult to complete?Yes, Chapter 13 is difficult to complete. However, it’s not impossible. And if you have the means to complete a Chapter 13 and you really have the commitment to do it, it’s not going to be that difficult to complete. However, it is a commitment and a commitment meaning 36 to 60 months of continuous payments. So a Chapter 13 is difficult to complete because of circumstances that may change in the debtor’s life. These circumstances could be loss of job, loss of employment hours, someone’s health may be in poor shape and there’s a lot of medical bills that need to be paid; these are all things that would be life-changing things that would make the bankruptcy process of a Chapter 13 difficult to complete.
However it’s not impossible and I want to stress that it’s not impossible to complete a Chapter 13 and receive the discharge at the end. It can be completed with a solid commitment to the plan. The plan is going to give you a certain amount of disposable income that will be paid in the plan. So your expenses should be paid and your expenses that would be paid on your own, that disposable income would be paid in the Chapter 13 plan. That disposable income is paid to the trustee for anywhere from 36 to 60 months of the Chapter 13 plan. You should consult with your Chapter 13 bankruptcy lawyer to find out the particulars or your case.
So it is a definite commitment to discharging your debt, paying back your secured creditors and hopefully paying back a portion of your unsecured creditors. So it’s not impossible, it may not even be difficult however it definitely is something that should not be taken lightly and something that should be really pursued if needed and really have to stay positive and commit to finishing and completing the Chapter 13 plan.
To stay informed about changes to the bankruptcy laws, subscribe to internet blogs that will give you the latest in bankruptcy news. You can also do your own investigation by searching the web or by making an appointment with an attorney in your area. Just make certain that the law firm that you speak with is versed in all facets of consumer bankruptcy. Do not get distracted by price and do not take the first attorney’s advice as the gospel.