If you’re interested in filing for Chapter 13 bankruptcy, don’t hesitate to answer the many questions associated with the process. By doing so, you’ll better understand the benefits, potential drawbacks and where you fit in.

Here are a handful of Chapter 13 bankruptcy questions, all of which deserve your attention:

• What is the process for getting started? Just the same as Chapter 7, you’re required to attend credit counseling before filing. After this, you can move forward with the process, which includes paying a fee and providing the court with everything they require.
• Does Chapter 13 bankruptcy stop creditors from coming after you to collect debt? Once you file for Chapter 13 bankruptcy, creditors are not permitted to continue its collection activities. This is the result of the automatic stay. However, this does not include any collection activities associated with tax debt, alimony or child support.
• Does Chapter 13 bankruptcy require the use of a repayment plan? Unlike Chapter 7 bankruptcy, with Chapter 13, you will use a repayment plan to repay some or all of your debts. This typically lasts three or five years.
• Is it possible to discharge student loan debt through Chapter 13 bankruptcy? While not always the case, most of the time, a bankruptcy filing has no impact on student loan debt. Instead, just the same as back taxes and child support, you must pay the money back in full.
• What happens if you miss a scheduled payment? It’s important to make all repayment plan payments on time and in full. If you neglect to do so, the trustee can take action to dismiss your bankruptcy. If this happens, creditors are allowed to once again seek the money that’s owed to them.

These are among the most important Chapter 13 bankruptcy questions to answer, but don’t be surprised if others come to light along the way. As long as you answer each and every one, you’ll feel more comfortable with your situation.

Even if you consider Chapter 13 bankruptcy a last resort, it never hurts to learn more about the process and your legal rights. This will ensure that you’re in position to take action at the appropriate time.