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What is a repayment plan under Chapter 13 bankruptcy?

Making the difficult decision to file for bankruptcy can weigh on a Tennessee resident, but once they have committed themselves to pursuing the process to manage their debts their decision-making is not over. An individual who wishes to seek bankruptcy protections must still choose which form of individual bankruptcy will provide them with the best options for moving forward.

If the individual elects to pursue Chapter 13 bankruptcy, they will be required to create a repayment plan. The repayment plan is the central component of a debtor's efforts to attain discharge in this form of bankruptcy.

After filing for Chapter 13 bankruptcy, an individual generally has just over two weeks - 15 days - to provide the court with their repayment plan. The repayment plan must describe how the individual will use their income to begin paying down their debts and generally must be completed within five years. A bankruptcy court must approve a debtor's plan before it may be implemented.

Repayment plans can vary based on the debts and income of the individuals who choose to utilize Chapter 13 bankruptcy. However, when an individual decides that Chapter 13 is the right option for them, they may wish to speak with a bankruptcy attorney who can advise them of how best to recognize their debts and prepare a plan to pay them off. For many Tennessee residents, filing for bankruptcy can be a good option in a bad financial situation. The right approach can help individuals and families address debt situations that are getting too burdensome.

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Mathis, Bates & Klinghard PLLC
412 Franklin Street
Clarksville, TN 37040

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