See Also:
Bankruptcy Chapter 7
Bankruptcy Chapter 11
Bankruptcy Chapter 12
Bankruptcy Costs
Bankruptcy Courts
Bankruptcy Code
Bankruptcy InformationBankruptcy Chapter 13
Chapter 13 bankruptcy is a type of bankruptcy proceeding outlined in the
Bankruptcy Code. 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. Monthly payments are made to a court-appointed trustee until the debt is settled. This usually occurs over a period of 3 to 5 years.
Under chapter 13 bankruptcy, individuals and sole proprietors are allowed to keep property they may have lost by filing for
Chapter 7 bankruptcy.