To successfully complete your chapter 13 bankruptcy, you must keep making your monthly payments on time and you must take the final credit course prior to the completion of the plan. It is advisable to take the course soon after the confirmation of the plan so you don’t forget to do it.

After Bankruptcy. Counting Money

At the competition of the plan, the debts will be discharged according to the plan.

Things to remember:

Don’t incur significant new debts without advance approval of the court. Some of these new debts include getting new car loan, refinancing, selling or buying a new home.Keep current insurance on any asset which is a collateral for a debt. Some confirmation orders require yearly submission of the tax returns. Your attorney will advise you if you need to do this. Your plan can be modified ( monthly plan payments increased or decreased) if there is change in your circumstances, such as a job loss , reduced work hours or you win the lottery.

The discharge stays on your credit record for ten years from the filing of the case. Some credit reporting agencies remove it after seven years. Most creditors give it less significance with each year that passes. It is important that you begin to work on building your credit.

At Odunlami Law, we understand that the bankruptcy process is incredibly complicated and overwhelming. We are here to make this process as easy as possible. Reach out to us online. Call the Bankruptcy Attorney at Odunlami Law: (973) 993-1900.