Chapter 13

Chapter 13 is a bankruptcy proceeding in which an individual can reorganize his or her personal finances, using a process overseen by the courts. Individuals are required to submit a plan for repaying creditors within three to five years, where the creditors receive a significant proportion of the funds they have loaned to the person. This approach works best when a person has a sufficient amount of ongoing income to repay creditors.

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Bankruptcy Tax Issues