Filing a Chapter 13 bankruptcy is a helpful tool to deal with overwhelming debt. A Chapter 13 bankruptcy allows a debtor to pay as much as they can afford in a three to five year repayment plan. After three to five years, a debtor will receive a bankruptcy discharge of their remaining debts. How much a debtor pays each month, is impacted by their monthly expenses and the deductions from their paystubs. Federal exemptions can protect certain assets, including tax refunds, in bankruptcy.
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