Articles, Information, and Resources on chapter 13 bankruptcy.
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 wage-earner bankruptcy, personal bankruptcy or consumer bankruptcy; Chapter 13 cannot be used by a partnership or a corporation; it can be used by a sole proprietorship.
Answers - Bankrupt
The state of being legally bankrupt...
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Bankruptcy - Wikipedia
Bankruptcy is a legally declared inability or impairment of ability...
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Useful Definitions for Chapter 13 Bankruptcy:
A repayment plan for individuals with debts falling below statutory levels which provides for repayment of some or all of the debts out of future income over 3 to 5 years. See Chapter 13 FAQ..
It is often referred to as the wage-earner plan, because it allows persons to repay their creditors through future earnings in plan not to exceed 5 years.
A payment plan bankruptcy which lasts for a period of three to five years depending on the types and amounts of debt involved. Chapter 13 is frequently used to stop foreclosure proceedings on real property or stop repossession of a vehicle. Chapter 13 can be used to pay delinquent income taxes or child support at 0% interest over three to five years.
This is a reorganization/repayment plan for individuals or families with regular income. In a Chapter 13, the debtors pay money to the Trustee under a court-approved repayment plan. The plan will generally run from 36-60 months. Chapter 13 bankruptcies are voluntary.
Chapter 13 bankruptcy filing is a way for individuals in the United States to undergo a financial reorganization supervised by a federal bankruptcy court. The Bankruptcy Code anticipates the goal of Chapter 13 as enabling income-receiving debtors a debtor rehabilitation provided they fulfill a court-approved plan.pla Compare the goal of Chapter 13 with the relief contemplated in Chapter 7 that offers immediate, complete relief of many oppressive debt(s).
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