Why Does Chapter 13 Take so Long? Can I Pay it Off Early?
Going into a Chapter 13, people know that you have to set up a repayment plan. And that repayment plan is going to take time. It can be anywhere from 3-5 years when you write your repayment plan. I’ve had plans last as little as 6 or 7 months because the claims came in, and we paid 100%. If all of your allowed claims get paid, you can pay it off in 6-7 months as long as everyone gets paid. But in a normal case, people aren’t going to pay 100%. They’re trying to pay less than their debts, and to do that, you will have a repayment plan that lasts anywhere from 36 to 60 months. Find out more in the video.