• Ask a Legal Question
  • Submit Article
  • Law Dictionary
  • My Account
  • FAQ
  • Contact Us
  • Support
  • Site Search
Login or Sign up

The Law Dictionary

  • Home
  • Law Forum
  • Law Guide
  • Law Journal
  • Lawyers
  • Legal Forms & Files
  • Inbox
  • Alerts
Home » Law Dictionary » C » CHAPTER 13

CHAPTER 13

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

Also known as reorganization bankruptcy for consumers. Chapter 13 of the Bankruptcy Code is used and filed by people who are temporarily relieved from their debts and who intend to pay them back within three to five years. It is intended for people who have regular income and can pay basic living expenses but cannot pay the payments due on other debts. One who qualifies for Chapter 13 bankruptcy protection allows the filer to keep most of his or her property. A plan is created for repayment with a bankruptcy trustee and monthly payments are made to a bankruptcy trustee for distribution. Qualification includes any debtor whose unsecured debts and assets are below a certain amount (as of 2010, $336,900 and $1,010,650 respectively.) The minimum amount required to be paid is approximately the value of the debtor’s nonexempt property. Disposable net income must also be pledged for the period which payments are to be made to creditors. At the end of a successful three-to five-year period, most debts are considered extinguished.

Related Posts:

  • BANKRUPTCY CHAPTER 13
  • CHAPTER 7
  • NONDISCHARGEABLE DEBTS
  • BANKRUPTCY CHAPTER 7
  • PRESUMED ABUSE
  • BANKRUPTCY TRUSTEE

Filed Under: C

Add a New Legal Term

Can't find the legal word, term, phrase or abbreviation that you're seeking in our dictionary? Add or request a definition by filling out the short form below!

Add Dictionary Term
Sending

Law Dictionary & Guide App

Law App

Law App

Pro Law App

Pro Law App


  Over 2,000 Five Star Ratings

  •   Black's Law Dictionary 2nd Ed.
  •   Free: 14,000+ legal terms, Pro: 23,000+
  •   Law Guide & Law Journal
  •   Ask Questions & Get Answers
  •   Law Library & Lawyer Directory
  • Free Attorney Case Review

    Free legal consultation with a lawyer

    • About
    • FAQ
    • Contact
    • Disclaimer
    • Privacy
    • Legal Terms
    • Editorial Guidelines
    • © 1995 – 2016 TheLaw.com LLC
    Legal Disclaimer: The content appearing on our website is for general information purposes only. When you submit a question or make a comment on our site or in our law forum, you clearly imply that you are interested in receiving answers, opinions and responses from other people. The people providing legal help and who respond are volunteers who may not be lawyers, legal professionals or have any legal training or experience. The law is also subject to change from time to time and legal statutes and regulations vary between states. It is possible that the law may not apply to you and may have changed from the time a post was made. All information available on our site is available on an "AS-IS" basis. It is not a substitute for professional legal assistance. Before making any decision or accepting any legal advice, you should have a proper legal consultation with a licensed attorney with whom you have an attorney-client privilege. For purposes of New York and New Jersey State ethics rules, please take notice that this website and its case reviews may constitute attorney advertising.
    © Copyright 1995 - 2015 TheLaw.com LLC. All Rights Reserved
    Go to mobile version