Early Discharge From Bankruptcy
Chapter 13 bankruptcy permits a debtor the ability to satisfy his debts through a court-managed plan. A debtor is able to obtain an early discharge from bankruptcy in certain situations.
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Chapter 13 Bankruptcy
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A Chapter 13 bankruptcy is designed to provide a debtor the ability to repay her debts while under a court's protection from creditors.
Chapter 13 Plan
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Under the supervision of the bankruptcy court trustee, a payment plan is developed through which the debtor pays a set amount to the court each month and the payment is divided among his creditors.
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Time Frame
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Depending on the amount of debt and the debtor's income, a Chapter 13 plan lasts for between two and five years. An early discharge is possible if the debtor accelerates payments.
Benefit of Early Discharge
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An early discharge permits a debtor to get on with his life faster and without the burden of heavy debt.
Application for Early Discharge
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An early discharge is obtained by completing the requirements of the payment plan and filing a motion with the court seeking a final discharge.
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References
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