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Last Updated August 5, 2008 |
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A Chapter 13 bankruptcy, also known as reorganization, is a federal court-ordered and supervised procedure in which a debtor obtains a discharge of some debts while retaining many of his assets. A debtor under a Chapter 13 bankruptcy uses his disposable income over a period of three to five years to satisfy some or all of his debt. Wage earners who have regular income and whose total debts, secured and unsecured, do not exceed certain financial thresholds are eligible for Chapter 13 bankruptcy. A debtor is prohibited from bringing a bankruptcy petition more than once every eight years. |
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