Chapter 13 Bankruptcy definition
A Chapter 13 bankruptcy is nicknamed a wage-earner bankruptcy, and it’s — a plan is formulated by which you can pay back a portion of your debt. Depending on what kind of debts you have, whether it’s unsecured or secured, how much debt you have and how much income you have coming in, a plan can be arranged to pay back some of your creditors. And the good part about that is whether you’ve been able to pay 100 cents on the dollar or not, at the end of the plan payments, you don’t owe any more debt to any of the unsecured creditors, so you get a discharge from that and some substantial relief.
Categories: Bankruptcy & Debt, Personal Bankruptcy