Do You Have to Make Payments After Bankruptcy? Understanding Payment Obligations Post-Bankruptcy

Learn whether you need to make payments after bankruptcy, including differences between Chapter 7 and Chapter 13 bankruptcy repayment plans.

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Yes, you often make payments after bankruptcies, particularly in Chapter 13 bankruptcy, where you'll repay debts through a court-approved repayment plan, typically over 3 to 5 years. Even in Chapter 7 bankruptcy, you may still have to make payments on secured debts (like an auto loan) if you wish to keep the associated property. Unsecured debts are usually discharged, but certain obligations such as student loans, child support, and some taxes, typically cannot be eliminated through bankruptcy.

FAQs & Answers

  1. Do you have to make payments after filing for bankruptcy? In Chapter 13 bankruptcy, you usually make payments through a court-approved plan over 3 to 5 years. In Chapter 7 bankruptcy, secured debts may require payments if you want to keep the property, while most unsecured debts are discharged.
  2. What debts are not discharged in bankruptcy? Certain debts such as student loans, child support, and some taxes typically cannot be eliminated through bankruptcy and remain payable after the process.
  3. How does Chapter 13 bankruptcy repayment work? Chapter 13 bankruptcy involves repaying some or all debts through a court-approved plan, usually lasting between 3 to 5 years, allowing you to keep your assets while paying off creditors.

Watch More

For more insights on managing debt and bankruptcy, check out our guides on Chapter 7 vs Chapter 13 bankruptcy and tips for rebuilding credit post-bankruptcy.

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