Chapter 13 bankruptcy
A type of consumer bankruptcy designed to help debtors reorganize their debts and pay all or a portion of them over three to five years. In Chapter 13 bankruptcy, debtors keep their property and use their income to repay creditors according to a monthly repayment plan. At the end of the three-to-five-year period, the balance of what the debtor owes on many types of debts is erased.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

  • Chapter 13 bankruptcy — The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years (BANKRUPTCY DICTIONARY OF TERMS)/. United… …   Glossary of Bankruptcy

  • Chapter 13 bankruptcy —    Reorganization bankruptcy for individual consumers that may allow the full repayment of debts. Individuals keep their property and use their income to pay their debts (partly or fully) over three to five years, according to a plan presented to …   Business law dictionary

  • Wage Earner Plan (Chapter 13 Bankruptcy) — Also known as a Chapter 13 bankruptcy, this enables individuals with regular income to develop a plan to repay all or part of their debts for a period of three to five years. The repayment period depends on the debtor s monthly income as compared …   Investment dictionary

  • Chapter 13 — bankruptcy proceedings for an individual with the intention of rescheduling the individual s debt (rather than liquidating the individual s assets and debt; an individual files under Chapter 7 to liquidate), Chapter 13 is referred to as… …   Glossary of Bankruptcy

  • Chapter 13 trustee — A person appointed to administer a chapter 13 case. (A chapter 13 trustee s responsibilities are similar to those of a chapter 7 trustee; however, a chapter 13 trustee has the additional responsibilities of overseeing the debtor s plan, receiving …   Glossary of Bankruptcy

  • Chapter 13 - Wage Earner's Plan — A petition designed for any insolvent debtor who is a wage earner to provide the debtor with additional time to pay off creditors (Legal Dictionary: Bankruptcy Law) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • Chapter 13, Title 11, United States Code — Bankruptcy in the United States Bankruptcy in the United States Authority · History U.S. Trustee Court  …   Wikipedia

  • Chapter 13 plan — A document the debtor must file in a Chapter 13 bankruptcy, showing the debtor s proposal for repaying debts. Typically, a Chapter 13 plan requires the debtor to make set payments once or twice a month, which the bankruptcy trustee uses to pay… …   Law dictionary

  • Chapter 13 — UK US noun [U] ► LAW, FINANCE a part of the US law dealing with bankruptcy, in which a plan is made for collecting the money that a person or company will earn in the future so that it can be used to pay back debts to the people who are owed… …   Financial and business terms

  • Chapter 13 — A U.S. bankruptcy proceeding in which the debtor undertakes a reorganization of his or her finances under the supervision and approval of the courts. As part of the reorganization, the debtor must submit and follow through with a plan to repay… …   Investment dictionary

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