Just for my curiosity and knowledge, from a Software and Hardware perspective, is the Time Machine capable of backing up my personal Documents and Files located in my Windows Bootcamp Partition and eventually also my Document and Files located in my Virtualized Operating Systems (using Parallels for example) that I create on my Mac side?
Boot camp does NOT backup files that it is not programmed to backup. If you set up Time Machine to backup Macintosh HD, it will only backup Macintosh HD. Also, Time Machine probably will reject backing up a Windows system. In order to backup your Windows, you either need to get another backup disk or partition your current one. Then, you can use the system Windows backup.
Time Machine will not backup a Boot Camp partition - it will be shown in the exclusion list, greyed-out & un-editable.
It will backup Parallels VMs, however, a Boot Camp VM actually contains very little data from the Windows partition itself, only the superimposed VM part of the structure, so backing up the VM will not actually be backing up changes to Windows.
A 'regular' VM will backup completely, though I understand that any small change to the .hdd file [the 'disk' itself] inside the .pvm will result in the entire file being backed up again, thereby eating your backup space at an alarming rate.
I think your only real solution would be a Windows one, Windows' own backup [clumsy] or something like Acronis etc.