The tection is the protection of assets that are being foreclosed on or repossessed. This usually occurs when an individual has defaulted in paying their debts to creditors as a result of problems with finances. Following a review by an a Chapter 13 court an individual’s petition either gets rejected or accepted. Accepted petitions are analyzed by the court of a chapter 13. Once the petition is accepted, the installment plan for repayment is set. Individuals agree to repay their debt in installments until they’re paid.
Chapter 13 bankruptcy filings aim for you to be exempt from having to pay specific debts, or receive relief from them. You can ask yourself “What documents am I required to file for bankruptcy chapter 13?” To file this type of bankruptcy, one must provide evidence showing the ownership of your assets. Additionally, you need to have regular income. If chapter 13 bankruptcy prevent foreclosure and stop foreclosure, the court can prevent lenders from foreclosing or repossessing your home should the petition be approved.
Whichever sort of bankruptcy filings you file, you’ll continue to be accountable for paying the debts you owe. A discharge under Chapter 13 isn’t exactly the same as being free of outstanding debts. It entails that the courts will relieve you from any outstanding debt, and also stop lenders from making payments.