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What are the cons and pros of getting out of a chapter 13 before my 5 year repayment plan? I am wanting to stop my repayment plan. Will the creditors contact me again? Is there a time limit on the creditors contacting me?
10 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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The creditors can come after you if you dismiss the chapter 13. They can sue you any time within the statute of limitations period.
Answered on Oct 31st, 2013 at 3:43 AM
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You may dismiss your chapter 13 at any time upon filing a notice of dismissal. Once your case is dismissed your creditors have every right to pursue you for payment.
Answered on Sep 18th, 2013 at 3:47 AM
Chapter 7 Bankruptcy Attorney serving Milwaukee, WI
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Law Offices of Deborah A. Stencel
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The pros and cons all depend on your situation which you have not elaborated on in your question. Do you have a change in circumstances? What are you paying for in the bk? Types of debts and current income plus your goals for filing all have an impact on what I would call the pros and cons of continuing. If you have an attorney, this is a conversation you need to have with him or her.
Answered on Sep 18th, 2013 at 2:32 AM
Commercial Bankruptcy Attorney serving Davie, FL
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Law Office of Jeffrey Solomon
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There is no requirement to continue in your chapter 13 case. However, if you dismiss your bankruptcy, then immediately you would no longer have bankruptcy protection from creditors. Depending on the facts of your case, you might also consider converting to chapter 7. There are serious and numerous issues that need to reviewed when making this decision.
Answered on Sep 18th, 2013 at 2:27 AM
You are always able to dismiss your Chapter 13 case but you need to understand that doing this will not remove the bankruptcy from your credit report. Once the Chapter 13 is dismissed, your creditors are all free to contact you and to take legal action to collect from you. Any time limit for the creditors to collect was paused by your Chapter 13 filing, so you cannot use the delay from filing Chapter 13 to avoid paying a debt otherwise barred by the passage of time in the Chapter 13.
Answered on Sep 18th, 2013 at 1:44 AM
Deborah F. Bowinski
If you dismiss a chapter 13 plan then you are right back where you started with regard to all your unpaid debts. The only way to obtain a discharge of your debts is to complete the plan, apply for a hardship discharge I it is appropriate, or convert to a chapter 7 case if you are eligible. You should be speaking with your attorney bout your current situation to see what your options are.
Answered on Sep 17th, 2013 at 10:56 AM
Real Estate Litigation Attorney serving Santa Ana, CA
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Gregory L. Bosse
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You have the right to dismiss your Chapter 13 bankruptcy at any time. However you should talk to an attorney about a hardship discharge and several other considerations.
Answered on Sep 17th, 2013 at 10:56 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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If you dismiss the bankruptcy prior to completing the Plan payments it is as if you never filed and they can resume all contact.
Answered on Sep 17th, 2013 at 10:33 AM
Chapter 7 Bankruptcy Attorney serving Huntington Beach, CA
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Law Offices of Robert Parkinson Taylor
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Unless your case was converted from a chapter 7, you generally have the right to dismiss your chapter 13 at any time. However you're going to owe your creditors just the same amount as you would had you never file bankruptcy in the first place. The statute of limitations on suing you will also be extended to match the time you were in bankruptcy.
Answered on Sep 17th, 2013 at 10:33 AM
Generally, you have an absolute right to dismiss your Chapter 13 bankruptcy, or convert it to a Chapter 7. Whether either of those options are the right choice will need to be evaluated by a bankruptcy attorney, as the consequences could be very detrimental to you.
Answered on Sep 17th, 2013 at 9:53 AM