The debtor in a Chapter 13 bankruptcy proceeding can keep more property than under a Chapter 7 proceeding.

Question

Quizplus · Accepted Answer

In a Chapter 13 bankruptcy, the debtor enters into a repayment plan to pay off their creditors over a period of three to five years. This allows the debtor to keep more of their property, such as their home or car, while still satisfying their debts. In contrast, a Chapter 7 bankruptcy involves the liquidation of assets to pay off creditors, potentially resulting in the loss of certain property.

The Debtor in a Chapter 13 Bankruptcy Proceeding Can Keep