What is the gist of Chapter 13 Bankruptcy?
What is the gist of Chapter 13 Bankruptcy? Min Austria Assistant at Ascent Law LLC If you file for Chapter 13 bankruptcy, you are required to submit a plan to repay your debts. This plan outlines your monthly income, and expenses, as well as any assets you own. The court will appoint a trustee to oversee the repayment plan, which will include payments to your creditors. You will also be required to make payments to the trustee on a regular basis, based on your income and expenses. The court will review your plan and will decide whether it will meet your needs. Once approved, your bankruptcy trustee will distribute the payment among your creditors. If you owe money to a secured creditor, they may be able to repossess your assets to get the money they demand. In contrast, unsecured debts have no collateral and are not backed by anything. In either case, the creditor can file a motion to get the money back from you. Chapter 13 is a repayment plan designed to help those who are working but...