Chapter 13 bankruptcy

Question

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Chapter 13 bankruptcy is a form of bankruptcy that is available only to individuals, and it is typically used by individuals with a regular source of income. This type of bankruptcy allows individuals to restructure their debts and come up with a repayment plan that they can afford over a three to five-year period. Businesses typically use Chapter 11 bankruptcy to reorganize their financial situations, and Chapter 7 bankruptcy is used by individuals and businesses to liquidate their debts. Involuntary bankruptcy is a form of bankruptcy that is initiated by creditors rather than the debtor.

Chapter 13 Bankruptcy