Chapter 13 Bankruptcy
/ˈtʃæptər ˈθərˌtin ˈbæŋkrəptsi/
Definitions
- (n.) A form of bankruptcy under U.S. law allowing individuals with regular income to develop a repayment plan to pay all or part of their debts over three to five years.
After filing for Chapter 13 bankruptcy, she began making payments according to the court-approved plan.
Forms
- chapter 13 bankruptcy
Related terms
See also
Commentary
Chapter 13 involves court-approved repayment plans, distinguishing it from liquidation-focused Chapter 7; its scope is limited to individuals with regular income.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.