Chapter 13 rights & stop a repossession

Chapter 13 bankruptcy is "the debt adjustment" called bankruptcy because it has a procedure that create a person who provides an income to a debt repayment plan. The big advantage of filing Chapter 13 bankruptcy is that it buys you time for repayment. StayAs automatically once your bankruptcy file imposes the law a "automatic stay", which means that all creditors need to stop immediately all collection and restitution efforts. Their creditors must then life with the bankruptcy plan approved by the judge in your automatic suspension RepossessionBecause case.Stopping if you lock the restitution or at home, involved the action stops automatically when you prepare your petition in bankruptcy. If you your petition bankruptcy file and creditor collection efforts continue you must inform the Court and the Court will put an end to it. The creditors are same probably have to pay a fine or even face criminal charges.Debt refund PlanAnother advantage of Chapter 13 bankruptcy is debt reduction plan. Will introduce you to the Court to a plan of how you repay your debts, and if the court approves your plan, your creditors have no choice but to it.Reduce PaymentsA to accept Chapter plan refund 13 often leads to reduced to at least some creditors payments. As long as the Court approved your plan, creditors must accept, your payment reduces them.DisadvantagesAny including chapter 13 bankruptcy as the full satisfaction of the debt needs, will be seriously damage your credit rating and score. However, even a bankruptcy is on then your good credit report, it takes up to 10 years.