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BANKRUPTCY CHAPTER 13

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

Also referred to as personal bankruptcy or consumer bankruptcy. A Chapter 13 bankruptcy proceeding which allows a debtor who has a sufficient amount of income to pay a portion of their debt owed over the course of 3-5 years. Debtors get to keep their property but must promptly make payments according to a monthly repayment plan. At the end of the plan, if all payments are made the amount the debtor owes above the amounts paid are extinguished.

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