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The biggest difference between Chapter 7 and Chapter 13 is that Chapter 7 focuses on discharging (getting rid of) unsecured debt such as credit cards, personal loans and medical bills while Chapter 13 allows you to catch up on secured debts like your home or your car while also discharging unsecured debt.
Chapter 13 is essentially a consolidation loan in which you make a monthly payment to a court-appointed trustee, who then distributes the money to creditors. Creditors are not allowed to have any direct contact with you and must go through the trustee instead. You can keep your property and gain time to pay off debts.
A Chapter 13 plan must provide for payment in full to certain creditors and may have to provide for a minimum dividend to unsecured creditors. All of your available income (after taxes and allowed living expenses) must be paid into the plan.
The discharge releases the debtor from all debts provided for by the plan or disallowed (under section 502), with limited exceptions. Creditors provided for in full or in part under the chapter 13 plan may no longer initiate or continue any legal or other action against the debtor to collect the discharged obligations.
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.
Surviving Chapter 13 Bankruptcy: Helpful Tips Stay in Touch With Your Attorney and Creditors. ... Keep Up With All Payments. ... Keep Track Of Financial Documents. ... Take a Credit Counseling Course. ... Stay on Top of Notifications.
Once you've confirmed your finances are all in order, you'll need to formally request an early payoff from your creditors. They will need to approve the request, which will likely involve a negotiation to recoup more of your debt than your settlement agreement required.