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When being involved in a Chapter 13 bankruptcy you have a strict repayment plan required by the court appointed trustee. For those who carefully follow the repayment plan as outlined by the Bankruptcy court, their debt will be gone and many creditors will be willing to extend credit again. Many times this kind of bankruptcy court managed financial resolution is more appealing to creditors and lenders and will also be beneficial to debtors who someday would like to rebuild their credit in the future. When filing a Chapter 13 bankruptcy individuals can expect to see it on their credit reports for at least seven years. It is less damaging for credit purposes than those that file for bankruptcy under Chapter 7. With a Chapter 7 bankruptcy they will stay on those debtors credit report for up to 10 years following the bankruptcy filing. The good thing about Chapter 7 and some creditors go after individuals to give them credit beacause your debt free immediately following the Chapter 7 discharge. Creditors know that if you’re employed and make good money you can’t file again for eight years and you have no other bills so shortly after the bankruptcy summer willing to take a risk on you. A Chapter 13 bankruptcy filing allows greater protection for assets and allows you to keep them with payment plans set up for the creditors. Many of the smaller debts will be forgiven by the court. Just as in all bankruptcies there are some things that can’t be forgiven and these include alimony, some back taxes, child support and any debts from criminal activity that are ordered to be repaid by the court.