Bankruptcy proceedings are intimidating, and the deals you make during them can last for years after the proceedings finish. If you’re currently on a payment plan with your debtors as a result of a Chapter 13 bankruptcy, then you’re likely wondering – what happens after my bankruptcy concludes?

Will my assets be at risk again, or will I be required to go back to my previous payment arrangement before I filed for bankruptcy? Get all the answers below.

What Happens When my Chapter 13 Bankruptcy is Over?

As you go through Chapter 13 bankruptcy, you’ll be asked to agree to a payment plan. Most often, this plan has a lifespan of three to five years. During this time, you’ll repay a portion of your debt in exchange for the promise that you’ll get to keep your property 
So, what happens as your Chapter 13 bankruptcy payment period comes to an end? If you followed the terms of your payment plan, then the remainder of your debt will get discharged. That means you’ll no longer be on the hook for the rest of your debt. You will also get to keep any property that was tied up to the debt 

Do You Have More Questions About Chapter 13 Bankruptcy?

Are you nearing the end of your bankruptcy-related payment plan? If so, then it’s only natural to be concerned about what comes next. In many situations, your debt is cleared if you adhered to your 3 to 5-year payment plan. You’ll also be legally allowed to maintain ownership of your assets.  Are You Considering Filing For Bankruptcy? If you feel bankruptcy is the best option for your financial situation you need to speak with an experienced bankruptcy lawyer as soon as possible. Please contact us online or call our office directly at 888.348.2616 to schedule your free consultation.

Are You Considering Filing For Bankruptcy?

If you feel bankruptcy is the best option for your financial situation you need to speak with an experienced bankruptcy lawyer as soon as possible. Please contact us online or call our office directly at 888.348.2616 to schedule your free consultation.

James Roswold
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James Roswold is a Kansas & Missouri personal injury, workers comp, and medical malpractice attorney.