CHAPTER 13

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 Terms2012.

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 Bankruptcy2012.

Chapter 13 bankruptcy differs from the outright foreclosure of an individual's or business's assets (seen in Chapter 7 bankruptcy) and the expensive and complicated restructuring of debts seen in Chapter 11 bankruptcy. Essentially, Chapter 13 allows a debt-laden person or sole proprietorship that still has significant income to submit an orderly plan to the courts to pay back debts over a few years. Doing so can provide advantages to the debtor not found in other forms of bankruptcy, such as preventing the foreclosure of a residence.