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 creditors. The plan must last for three to five years, and the debtor must devote all disposable income to the plan.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy

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

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