Chapter 13 bankruptcy
- Reorganization bankruptcy for individual consumers that may allow the full repayment of debts. Individuals keep their property and use their income to pay their debts (partly or fully) over three to five years, according to a plan presented to the court. The minimum amount to be paid is approximately equal to the value of the individual's nonexempt property. In addition, the individual's disposable net income (minus reasonable expenses) must be used to pay debts during the period. At the end of three to five years, the outstanding balance of the debt owed is erased. Chapter 13 refers to the relevant section of the federal Bankruptcy Code.
Business law dictionary. 2015.
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Chapter 13 bankruptcy — 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 (BANKRUPTCY DICTIONARY OF TERMS)/. United… … Glossary of Bankruptcy
Chapter 7 bankruptcy — The chapter of the Bankruptcy Code providing for liquidation, (i.e. the sale of a debtor s nonexempt property and the distribution of the proceeds to creditors). What s up with the new bankruptcy law? United Glossary of Bankruptcy Terms 2012 … Glossary of Bankruptcy
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Chapter 13 bankruptcy — A type of consumer bankruptcy designed to help debtors reorganize their debts and pay all or a portion of them over three to five years. In Chapter 13 bankruptcy, debtors keep their property and use their income to repay creditors according to a… … Law dictionary
Chapter 7 bankruptcy — A consumer liquidation bankruptcy proceeding in which the trustee sells any nonexempt property the debtor owns and distributes the proceeds to the debtor s creditors. At the end of a Chapter 7 case, many or all of the debtor s debts are… … Law dictionary
Chapter 11 bankruptcy — A type of bankruptcy that allows businesses to reorganize their debt load in order to remain in business. Category: Bankruptcy, Foreclosure & Debt → Bankruptcy Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009 … Law dictionary
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Chapter 11 bankruptcy — Reorganization bankruptcy mainly for businesses, either voluntary or involuntary, in which the debtor remains in possession and control of the business. The creditors and the debtor agree on a plan that permits the business to continue after… … Business law dictionary