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All debtors must disclose their assets when filing, as a condition
for protection from creditors. Additionally, debtors are required to pay
the portion of their debts with their means during the course of the
plan, and at completion of the plan term, all remaining balances owed
are discharged. A discharge wipes out debts completely so that no
further payment is required, and any credit who asserts non-payment of a
discharged debt commits defamation, liable, or slander in violation of
numerous federal and state regulations.
All real property must be reported to the Court. This is accomplished by filing an inventory within
Chapter 13 bankruptcy schedule forms with the clerk which are available to all creditors.
A bankrupt Chapter 13 debtor may retain all property in most cases, so long as creditors are treated as fairly
under the plan as would be available under Chapter 7. Few Chapter 13
debtors actually turn over property.
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