How to Pay Off Chapter 13 Debts

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Paying off Chapter 13 debts is done by coming up with the agreed upon pay-off amount, which can be payed over a period from one to five years. Eliminate Chapter 13 debts with advice from a licensed financial planner in this free video on personal finance.

Part of the Video Series: Debt & Debt Consolidation
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Video Transcript

Hi my name is Bill Rae. I'm with HBW in Florida and I've been in the finance field for well over 20 years. Today the question is how to pay off Chapter 13 debt. Well if you are in a Chapter 13 you obviously know that you have an arrangement with the courts. If you aren't Chapter 13 is a personal reorganization plan that you need to put together through the bankruptcy court system. It has already given you a monthly amount that you have to pay and it's already gotten all your creditors to agree to terms so once that's in play and you start paying off you know or you should know or you can ask to find out what is the total pay off. Chapter 13's are generally set up to pay off your bills in a certain period of time anywhere from one to five years, the monthly payments are set up to spread out through that time period. So to pay off a Chapter 13 early, it's real easy. All you'd have to do is come up with the money to pay off that amount. Sometimes you can go back to court and offer them a little less but to pay off a Chapter 13 early is very easy. Ask your attorney or ask the courts what the pay off is. They'll tell you and then you simply pay the money and that's how you pay off a Chapter 13 early but as in all financial situations I urge you use caution, understand what it is that you're about to do and at all times seek outside counsel. There are companies such as mine available that will talk with you. My name is Bill Rae. I'm with HBW and we're helping you build wealth.

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