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If you are filing Chapter 13 bankruptcy you do need to consider the consequences. This type of bankruptcy will stay on your credit record for 10 years after the debts have been discharged. When filing chapter 13 bankruptcy, a trustee will be appointed to oversee your financial affairs and payments will be distributed to creditors by the trustee after recieving payment from the debtor. Bankruptcy may also cost you higher interest rates when attempting to get a loan in the future because it is reported on your credit. However, chapter 13 bankruptcy may be an alternative for an individual that has exhausted the avenue of consumer credit counseling.