Bankruptcy Chapter 13
Bankruptcy Chapter 13 is a type of bankruptcy proceeding outlined in the Bankruptcy Code. Furthermore, Chapter 13 is a financial reorganization procedure that applies to individual consumers and sole proprietorships.
When a financially distressed consumer or sole proprietor files for chapter 13 bankruptcy, the individual arranges to repay debt obligations with future income. Make monthly payments to a court-appointed trustee until you settle the debt. Usually, this occurs over a period of 3 to 5 years.
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