Tampa Chapter 13 lawyer

The payment plan details how the money the borrower collects will be used to pay off the debts outstanding. Normally, a borrower must begin submitting payments as defined in the chapter 13 payment plan within 30 days of submitting the plan. A chapter 13 payment plan may be accepted or rejected by a creditor whose debt owed by the borrower is part of the bankruptcy proceedings. In addition, a party of interest could also object to the chapter 13 payment plan.

Typically, the main advantage of a chapter 13 bankruptcy is the discharge. The discharge frees the debtor from all debts included in the payment plan. Creditors incorporated in the payment plan can not initiate or prolong any court or other action against the borrower to collect on an account that has been discharged by the bankruptcy. Recently, the chapter 13 bankruptcy laws covering a discharge have undergone considerable changes.