Chapter 13 is an option for one wishing to keep property and repay debt. This can be accomplished by filing a plan through the U.S. Bankruptcy Clerk. A trustee is assigned to the case to make sure that the individual is complying with all of the required terms and conditions set out in the bankruptcy code. Importantly, the debtor must submit all of his disposable income toward the repayment of his debts. This is something that the Chapter 13 trustee will insure for the benefit of the debtor's creditors.
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The great effect is that the debtor is allowed to keep ownership and possession of the property provided the terms of the repayment plan are complied with. Here is a further breakdown of the process:
Chapter 13 provides the debtor with time to pay off any overdue balance in addition to the regular monthly payment for a fixed period of time. This is often used in the case of a home that has gone into foreclosure. The arrears get paid over time while the individual continues to pay the regular mortgage on time. If the debtor fails to make timely payments to either the trustee or the mortgage company, the mortgage company can ask that they be removed from the payment plan. It can then continue to foreclose or otherwise collect on its debt.
Cars purchased for the personal use of the debtor within 2 and a half years prior to the filing of the bankruptcy are required to be paid back in full, but cars purchased beyond 2 and a half years are generally paid back at a percentage of the overall balance.
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