How long is a Chapter 13 bankruptcy?

• Your Chapter 13 bankruptcy depends on whether your income is above or below your state's median income. If it is above, your Chapter 13 repayment plan will last 5 years; if below, your plan will last 3 years. If you want to keep significant assets, your plan may need to be 5 years in length, even if you are below your state's median income.
  
  

How much do I have to pay?

• A Chapter 13 bankruptcy plan is determined by the amount of "disposable income" you have at the end of every month after your monthly expenses are paid. This is the amount you will have to pay your creditors, and can be determined by a bankruptcy attorney.
  
  

Why do a Chapter 13 bankruptcy if I have to pay money back?

• Even though you are paying your creditors in a Chapter 13 bankruptcy, you are still under bankruptcy protection, so your creditors are not allowed to foreclose, garnish or repossess any property while you are making Chapter 13 payments. Often, your Chapter 13 bankruptcy will also waive any interest you would accumulate if you tried to pay the debts yourself.
  
  

Will I lose any assets?

• Typically, you will not lose any assets in a Chapter 13 bankruptcy unless your debt far exceeds what you own. A bankruptcy attorney can help you determine whether a Chapter 13 bankruptcy would help your finances.