The reader probably knows that bankruptcy carries with it many risks. He wants to know more about the specific risks associated with each chapter. The risks associated with bankruptcy chapter 13 largely come about if a person does not maintain efforts to keep payments up in good faith. The court may grant him protection from foreclosures and other forms of repossessions, but this protection is conditional. The debtor must keep his payments up with his creditors. There is one important distinction to draw though. A debtor does not have to pay off his entire debt load. He only has to keep the payments up for the three or five year period determined by the bankruptcy court. If his debts are not paid by the end of this time, the remaining debts are discharged. A legal professional will tell a client whether Chapter 13 is a good option for him or not.
