- 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 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. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years (Glossary of Common Bankruptcy Terms)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 (SA-Bankruptcy.com)Chapter 13 is the wage earners' reorganization chapter. It allows a wage earner (individual debtor) to propose a plan to pay his/her creditors in full or in part. Chapter 13 differs from Chapter 11 in that a plan is proposed at the beginning of the case and establishes a repayment structure over a three to five year period of time consisting of the Debtor's available income.Under BAPCPA, the so-called "superpriority" discharge was all but eliminated from Chapter 13. Most of the debts that were traditionally non-dischargeable under Chapter 7 are now subject to being determined non-dischargeable in Chapter 13.also see plan (Bernstein's Dictionary of Bankruptcy Terminology)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.) (BankruptcyAction.com)
United Glossary of Bankruptcy Terms 2012.
- chapter 13
-
Chapter 13 is the wage earners' reorganization chapter. It allows a wage earner (individual debtor) to propose a plan to pay his/her creditors in full or in part. Chapter 13 differs from Chapter 11 in that a plan is proposed at the beginning of the case and establishes a repayment structure over a three to five year period of time consisting of the Debtor’s available income.
Under BAPCPA, the so-called “superpriority” discharge was all but eliminated from Chapter 13. Most of the debts that were traditionally non-dischargeable under Chapter 7 are now subject to being determined non-dischargeable in Chapter 13.
also see Plan
US Bankruptcy 2012.
Glossary of Bankruptcy.