What is Chapter 13 bankruptcy?

Chapter 13 is a type of bankruptcy proceeding available to individuals and sole proprietorship businesses to reorganize and eliminate debts. The process includes the filing of a plan which pays all or a percentage of your debts, usually over a three to five year period, based on what you can afford, not what your creditors believe you can pay. Chapter 13 can release you from certain debts that cannot be eliminated in a Chapter 7 bankruptcy.


Category: Chapter 13

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