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Does Chapter 13 discharge my debts?

There tends to be a large perception between what people think bankruptcy does, largely thanks to portrayals of bankruptcy in movies and shows, and what bankruptcy actually does. Most people focus only on the fact that bankruptcy will cost you many of your precious assets, but this is only true in some cases, and it completely ignores all of the benefits that bankruptcy provides, such as debt discharge and protection from creditor harassment.

Most people are familiar with what is known as Chapter 7 bankruptcy, in which assets are sold off in order to pay for and ultimately discharge debts. A smaller percentage are familiar with Chapter 13 bankruptcy, which allows debtors to come up with a debt repayment plan and pay off their debts over the next few years. However, some people still wonder if they are required to pay off all of their debts or if there is any form of discharge in Chapter 13.

We are happy to report that in some instances, yes: Chapter 13 can discharge some of your debts. It all depends on the payment plan you come up with. Some creditors and courts will not approve of a debt repayment plan, requiring you to pay more of your debts during the time frame. But in some circumstances, you can establish a plan by which you pay off a significant amount of your debt and the remainder is discharged at the end of the established plan's timeframe.

There are some exceptions to these discharges, and of course, it is all ultimately dependent on establishing a plan that is fair enough for both parties to be willing to accept. That is where legal assistance comes in. If you are considering filing for bankruptcy in Texas, please do not hesitate to meet with an attorney who can help you come up with a debt repayment plan that will allow you discharge some of your debts and keep all of your assets.

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