Chapter 13


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Chapter 13

A section of the U.S. Bankruptcy Code that deals with reorganization of debt of wage-earning individuals, including the opportunity to save their homes from foreclosure.

Chapter 13

A form of bankruptcy in which a person or company reorganizes his/her/its debts so they are repaid over a period of three to five years. This form of bankruptcy is most commonly used if one continues to have significant income even though one's debts have become too burdensome. A disadvantage to Chapter 13 is the fact that one's debts are not discharged. However, Chapter 13 may allow one to maintain ownership of assets that would otherwise be liquidated. It is also called a wage earner plan. See also: Chapter 7, Chapter 11, Best interests of creditors test.
References in classic literature ?
In chapter 13, verse 18, of the Apocalypse, it is said:
For individuals that do own several valuable assets, Chapter 13 bankruptcy is probably the better option.
Back in March, Herring filed for Chapter 13 reorganization, listing $101,000 in debts and $110,000 in assets.
Noah Key of boyband Chapter 13 tosses his drumsticks in the air as the group get Amanda Holden's Golden Buzzer on Saturday's Britain's Got Talent.
A bank could not seek in rem relief exempting a property from automatic stay after an alleged serial filer of Chapter 13 bankruptcies voluntarily dismissed his latest petition, a U.S.
(1) The Code, subject to certain limitations, (2) bestows upon a consumer debtor the discretion to either voluntarily seek relief pursuant to chapter 7 or chapter 13, (3) the latter of which enables consumer debtors to remain in custody of their home throughout the duration of their respective plan.
About 38 percent were filed under Chapter 13, in which debtors make installment payments to creditors under court-ordered plans.
(5) Some studies have similarly found that the success rate for homeowner bankruptcies is disappointingly low, while others have found better results for homeowners filing chapter 13 bankruptcy.
Blake Case No.: 17-2809 Officials: BAUER, FLAUM, and MANION, Circuit Judges Focus: Bankruptcy Chapter 13 Plan Payments Appellee Denise L.
The more than two-minute clip features the enhancements the developers made to the Chapter 13 story.
Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time, 13th Edition