How And Where To Borrow Money After You Have Filed A Chapter 13?

After a Chapter 13 bankruptcy has been filed a person cannot borrow more than $250 within a period of three years of having filed the same. If an amount greater than this is required then additional borrowings will require court approval. This can be a problem if leases on cars etc have to be renewed.

There are a number of advantages of filing a bankruptcy under chapter 13 which include allowing the individual concerned to still keep their personal property and real estate while at the same time permitting the individual concerned to discharge their debts through a series of reduced payments. Interest on certain tax obligations can also be eliminated. A chapter 13 bankruptcy has individuals pay the disposable share of regular income to trustees for a period of thirty six months.