What you Get
Immediately when your Bankruptcy is filed with the Court, there is a STAY ORDER, which prevents any further steps in the collection process. After your Plan is reviewed by the Trustee, the Court must review it. Approval of the Plan comes in the CONFIRMATION ORDER after the Bankruptcy Judge finds the Plan complies with the law.
Once your Plan is CONFIRMED, its your job to continue the payments to the end. When you finish paying, then you get a DISCHARGE which clears all your debts under the Plan, no matter how much they were paid.
This means that a debtor might pay 10% to unsecured creditors over 3 years, yet those debts are wiped out by the Chapter 13 DISCHARGE. You only pay what the Chapter 13 Plan requires.
G. Paul Marx, A Professional Law Corporation
Chapter 13 Topics: TRUSTEE YOU GET YOU PAY THE PLAN
NEW LAW- OCTOBER 17, 2005 BANKRUPTCY REFORM ACT
THE U.S. Congress and President Bush have authorized us by law to state that as to our Bankruptcy Work at this Law Firm, WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.