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The most striking difference between Chapter 13 bankruptcy
discharges and Chapter 7 is the repayment plan. In Chapter 13, all
disposable income must be paid to the trustee over 3 to 5 years to
repay the portion of debts within the debtors means. In Chapter 7
cases, debts are simply wiped out without further payment in as few as
12 to 16 weeks. Chapter 7 cases are relatively simple, fast, and
inexpensive compared to Chapter 13 cases.
Occasionally, debtors omit claims from the list of creditors. For confirmation of
a bankruptcy Chapter 13 file, the differences in actual and reported claims must be justified.
A motion to modify should be filed, and the creditor included, subject to approval by the Court.
Creditors may appear in Court at any time to assert a claim that was omitted. If they do, expect the
Court to reset pending hearings for approval.
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