Chapter 13

(redirected from Chapter 13 Bankruptcy)

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 periodicals archive ?
For individuals that do own several valuable assets, Chapter 13 bankruptcy is probably the better option.
Cordes filed for Chapter 13 bankruptcy reorganization in November after the Partins filed their suit.
His failure to pay the sanctions and fees is part of the current petition, which centers on Hansmeier's Chapter 13 bankruptcy filed in July 2015.
Where a debtor's Chapter 13 bankruptcy petition and schedules contained numerous errors, including a failure to include the correct addresses for secured creditors, and where the adversary complaint failed to state a cognizable cause of action, the moving defendants were awarded sanctions against both the debtor and his attorney.
(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. (6) A recent nationwide study of 2007 chapter 13 filers found that homeowners filing to prevent foreclosure were less likely to complete their plans than other debtors, as were debtors who filed without an attorney, and those with relatively high mortgage payments in relation to their income.
He has also represented hundreds of individuals and corporations in filing for Chapter 7 and Chapter 13 Bankruptcy, resulting in the discharge of tens of millions of dollars in consumer debt.
(5) When they filed their Chapter 13 bankruptcy case, they still owed $41,000 which represented approximately fifty-five percent of the purchase price.
Unlike Chapters 7 and 11, Chapter 9 must be voluntarily initiated by the municipal unit, as is the case with Chapter 13 bankruptcy (11 USC 301 and 303).
Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time, 13th Edition
Pepper Minthia Hardy, sole provider for a family of four, (10) filed for Chapter 13 bankruptcy in October 2012.
IN CHAPTER 7 AND CHAPTER 13 BANKRUPTCY CASES, a proof of claim is a written document that notifies the bankruptcy court and other related parties that a creditor wishes to assert its right to receive a payout from the bankruptcy estate.
Using differences in judges' leniency as a variable for bankruptcy protection, Dobbie and Song find that Chapter 13 bankruptcy protection does in fact benefit debtors.