An individual seeking to obtain bankruptcy protection has a few options regarding which type of bankruptcy to file. The most common options are either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. There are pros and cons for filing each one and the decision on selecting which bankruptcy to file should by made with the assistance of a bankruptcy lawyer. If a debtor chooses to file a Chapter 13 bankruptcy they need to understand how long their bankruptcy will last.
Three Year Bankruptcy Period
Debtors who are under the median income, for their family size, will be in a Chapter 13 bankruptcy for a period of three years or 36 months. That means they will have to make 36 consecutive payments in order to obtain their bankruptcy discharge.
Five Year Bankruptcy Period
Debtors who are over the median income, for their family size, will be in a Chapter 13 bankruptcy for a period of five years or 60 months. That means they will have to make 60 consecutive payments in order to obtain their bankruptcy discharge.
If you live in South Florida and would like to speak to an experienced Chapter 13 bankruptcy attorney then please contact Ofer Shmucher of Shmucher Law,PL by calling 305.741.5553 or 954.309.5559. We offer free consultations throughout Fort Lauderdale and Miami and have the ability to meet clients seven days a week and can offer evening appointments.
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