Chapter 13 Bankruptcy

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Chapter 13 is a type of bankruptcy that sets a payment plan between the borrower and the creditor monitored by the court. In Chapter 13 bankruptcies that include homes, the homeowner can keep the property but must make payments according to the court’s terms within a 3 to 5 year period.

With Chapter 13 bankruptcy, the consumer must pay off some of their debts over time. Chapter 13 bankruptcy filing records remain on your credit report for 7 years from the discharge date or 10 years from the filing date if it is not discharged. Each account included in the filing will remain on your report for 7 years.