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A suggestion of bankruptcy is a form that notifies a civil court that you filed for bankruptcy relief. A suggestion of bankruptcy can be filed for a Chapter 13 or Chapter 7 bankruptcy case. The suggestion of bankruptcy does not dismiss the civil court action.

A Chapter 13 plan must be filed with the Bankruptcy Court when your bankruptcy petition is filed. The plan is a document that states how you propose to pay creditors and how much they will be paid. A Chapter 13 plan requires you to make monthly payments to a Bankruptcy Trustee over a period of three to five years.

Filing Chapter 13 Bankruptcy Chapter 13 allows debtors to repay all, or a significant portion, of their debts in 3-5 years under a court-ordered plan. The most common debts discharged in a Chapter 13 proceeding are medical bills, credit card debt and personal loans.

A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.

The advantages of filing Chapter 13 far outweigh the disadvantages. One of the primary benefits is that creditors will no longer harass you. A downside is that it will have a long-term effect on your credit report.

A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.