The Pros And Cons Of Five Year Chapter 13 Repayment Plans
When you file for Chapter 13 bankruptcy relief, you generally choose either a three-year repayment of qualified debts or a five-year term. Both options have their pros and cons. To help you decide if the five-year term is right for you, here are a few of the most important pros and cons of this longer commitment. The Pros of Five-Year Plans The primary reason most people choose the longer payment plan is to reduce monthly payments.