29.01.08
While filing for bankruptcy, there are several codes, which an individual can file under. One such chapter is 13, which allows the debtor to keep property and pay the debt off over time.
The debt is usually paid over a three to five year period. This chapter is usually chosen by those who have a regular income and who do not wish to deal with the new laws of chapter 7 bankruptcy codes.
Also known as the wage earners plan, chapter 13 bankruptcies enable debtors to pay off part of the debt they have incurred. (more…)