Chapter 13 bankruptcy differs from what many people think of as bankruptcy — the liquidation and one-time sale of your assets — by including a repayment plan for eligible debts. And when you choose Chapter 13 bankruptcy, you face one of two time frames: either a three-year plan or a five-year plan. Which should you choose? And can you change your mind? Here's what every debtor needs to know.
Why Choose a Three-Year Plan?
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Filing for bankruptcy is a major decision. The process will have a long-term effect on your credit and will impact the way your creditors can collect debts from you. Here are the basic steps involved in filing for bankruptcy:
1. Gather Your Paperwork
Before you file for bankruptcy, you need to gather the necessary documents. First, you'll need to produce information about your recent financial transactions. This information includes income, property, and debts.
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