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Chapter 13

CHAP-ter thir-TEEN
A form of bankruptcy in the United States that allows individuals with regular income to create a plan to repay all or part of their debts over three to five years.
The individual struggling with debt filed for Chapter 13 bankruptcy to consolidate their bills and establish a manageable repayment plan.
N/A (Many individual cases, not a single landmark example)
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Frequently Asked Questions

Individuals with regular income who meet certain debt limits are eligible.

The purpose is to allow individuals to keep their property and repay debts over a structured period under court supervision.

Chapter 7 involves liquidation of assets to pay off debts, while Chapter 13 focuses on debt reorganization and repayment.

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