It is very important to understand that Chapter 13 is a court authorized debt consolidation plan, designed to provide reasonable repayment terms and court protection for people’s valuable assets such as home or vehicle.

1. Title: Incorporate Simple Steps to Understand Chapter 13 Bankruptcy
One of the worst situation in which people can easily find themselves is under debt, loan or
bankruptcy. It is not very difficult to invite these scenarios but is a painful ordeal to get rid of it and
tackle it. The society today has advanced in its outlook and perception but there is one thing which
has hypnotized maximum number of people and has taken them into its grip, it is flashiness,
showing off status and high standards of living which according to many today is necessary to get
respected. Seeing this the earlier times were better as life was little simpler and straight.
There is a famous saying “ One should stretch the legs only till where the sheet is”, but lot
of individuals do not follow the meaning to be satisfied in what they already have. In the greed to
achieve something more which might not fit the pocket, people take heavy credits from banks and
financial institutes which at the time of transaction seems alluring, but feels a heavy burden by the
time its realized how to return it back.
Under these conditions people easily fall under the category of debt or returning the loan at
high interest or as extreme as Bankruptcy. There are some legal experts and attorneys who
specialize in giving assistance to affected people and helping them to come out clean.
As the most common question and situation what many find them self into, people inquire
about the meaning of bankruptcy which is also named Chapter 13. It is very important to
understand that Chapter 13 is a court authorized debt consolidation plan, designed to provide
reasonable repayment terms and court protection for people’s valuable assets such as home or
vehicle. Some of the main purpose of the program is to:
• Consolidate, prioritize and reduce the debts.
• Provide a consistent repayment plan with favorable terms.
• Improve people’s credit.
• Provide court protection from the creditors
Through the use of this plan, the experts and attorneys cam:
• Stop a home foreclosure
• Remove a second mortgage or home equity loan
• Stop vehicle repossession or recover a vehicle before it has been sold at auction.
• Prevent utility shut-offs
• End all creditors calls and harassment
This very plan also simply requires that people can make their best efforts to pay back thier
debts over a 36 – 60 month time period. Whatever unsecured debts are not paid at the end of that
time period are legally eliminated or discharged.
Availing the car repossession law people can easily hold back their vehicles. This proper
tailored law gives a great chance to people to get back their vehicle or retain it so it’s not sold
further. Under these scenarios the lender would proceed with their car repossession. When they
attempt to retrieve the vehicle, there are aspects of law to protect the people which are, while the
repossession company may trespass people’s property to retrieve the vehicle, they cannot legally
‘break and enter’ a closed structure, In the process of recovering the car, lenders cannot ‘breech the
peace’. This means that they cannot create a loud disturbance in their efforts repossess the vehicle.
Once the car has been repossessed, the lender has to abide by a 15 day redemption period. This
allows people 15 days to redeem the vehicle before the lender can attempt to sell the vehicle at
auction.

2. Author’s Bio: The Author talks about the demerits of the advancement as it has surely
encouraged the people to live out of their means. Also speaks about What is chapter 13
Bankruptcy Plans, with the explanation to the meaning. Also talks about How to stop
repossession of a car and the means and ways to do it.