Which type of bankruptcy is a reorganization that can be used by individuals who meet certain requirements, such as having regular income and debts of $1 million or less?

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Chapter 13 bankruptcy is a reorganization that allows individuals with regular income and debts of $1 million or less to restructure their debts and create a repayment plan over a period of three to five years. This type of bankruptcy is commonly known as a wage earner's plan and can help individuals keep their assets while repaying creditors.

Which Type of Bankruptcy Is a Reorganization That Can Be