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The Difference Between Chapter 13 Bankruptcy & Debt Consolidation Programs 1. You Usually Pay Back Less Money in Chapter 13 Bankruptcy. In Chapter 13, you only have to pay back what you can afford after deducting reasonable and necessary expenses from your income. 2. Creditors MUST Accept the Chapter 13 Plan. Provided you are paying all of your Disposable Monthly Income into the Plan and meet the Liquidation Test, your Creditors can be forced to accept your proposed Chapter 13 Plan. In a Debt Consolidation Program, each creditor can accept or reject your proposal for any reason. 3. Chapter 13 Bankruptcy Provides An Automatic Stay. When you file a Chapter 13 Bankruptcy Case, an Injunction, called the Automatic Stay, prevents creditors from continuing collection activities. 4. Chapter 13 Bankruptcy is Flexible and Lets You Pick and Choose What Is Best For You. 5. There Are No Tax Consequences in Chapter 13 Bankruptcy. At the end of your Chapter 13 Plan, your unpaid dischargeable debts go away. Moreover, you don't pay income taxes on the discharged debts. In a Debt Consolidation Program, the forgiven debts you don't pay will be counted as income on you taxes. 6. Chapter 13 Will Improve Your Credit. Chapter 13 stops interest and late fees and both the Bankruptcy case & the negative accounts will fall off your Credit Report in just 7 years. Visit our Website at...