CHAPTER 13
US bankruptcy proceeding in which the debtor endeavor to restructure his finances to repay his debts, under the supervision and approval of the courts. Reorganization includes the debtor must submit and follow his plan to pay creditors within three to five years. Most of the time, the plan must indicate a substantial payback to creditors, at least equivalent to what they might receive under other kinds of bankruptcy. It must, if needed, use the entire debtor’s income for repayment.
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