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If you're unable to pay your filing fees, the court will usually try to work with you. For Chapter 13 bankruptcy, you may be able to roll your court fees into your repayment plan, paying the court in monthly installments.
You Don't Get to Keep Assets If You Fail The idea of keeping your home and car and personal belongings is an attractive part of Chapter 13. But if the case fails or is dismissed, protection for those assets disappears. With a fairly high number of unsuccessful cases, this has to be kept in mind.
The Minimum Percentage of Debt Repayments In A Chapter 13 Bankruptcy Is 8 To 10 Percent.
A Chapter 13 discharge is a formal document signed by the bankruptcy judge that says you've successfully met the terms of your repayment plan. It means that any remaining balances on your qualified debt are forgiven, and it's a red-light-full-stop for creditors trying to collect debts.
Your credit score will lower dramatically due to Chapter 13 being on your credit report. It will be removed after seven years. Credit scores tend to drop between 150 to 200 points after filing for bankruptcy. The average score is around 579.