Chapter 13 and dismissal/discharge?

[elizabeth1969]

A couple of questions:
1. If I file chapter 13 how do they determine how much you have to pay back and how long? Does any of the debt get written off?


2. ONce you start paying back creditors in chap 13 when is it considered dismissed or discharged? What I mean is am I going to pay on them for 3-5 years and then after all that time they will be discharged or dismissed?

3. Is it better to make agreements with creditors yourself and just pay them back over time?

[anonymuse]

1) All of your disposable income will go to the plan for 3-5 years. After you have completed the plan, the rest of the debt is written off.

2) Discharged when completed successfully.

3) Depends on your financial situation.

[elizabeth1969]

So with chapter 13 you end up having the bad credit for longer since you don't get dismissed/discharged until you have completed the pay back agreement?

Wow with chapter 7.. you get a discharge/dismissal in about 6-12months and then 7-10 years until your credit is cleared?

[aa06a47]

A Chapter 13 bankruptcy stays on your record for 7 years from the date you filed it. A Chapter 7 stays on for 10 years from the date you filed it.