Chapter 13 bankruptcy is a process in which the court calculates a debtor's disposable income and uses the amount to create a payment plan toward debts. A Chapter 13 debt payment plan lasts three to five years. More » Business & Finance Business Resources

U.S. bankruptcy law contains provisions that allow certain debts to be reduced or annulled, explains Cornell University Law School. The statute can also be used to generate a timeline for repaying nondischargeable debts,... More » Government & Politics Law Debt Law

Individuals and couples filing taxes jointly may qualify for Chapter 13 bankruptcy, according to the AllLaw website. Businesses are ineligible and can only file for a Chapter 11 option. Nolo says that stockbrokers and co... More » Government & Politics Law
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Chapter 7 bankruptcy, also known as liquidation bankruptcy, is a process where the debtor's non-exempt assets are sold, and the proceeds are given to his creditors to help repay his debts. Any remaining debt is forgiven,... More » Business & Finance Credit & Lending

The main difference between Chapter 7 and Chapter 13 bankruptcy is that Chapter 7 allows a person to dismiss his unsecured debt, while chapter 13 provides a way to restructure debts into a manageable repayment plan. Cert... More » Business & Finance Financial Planning

Filing for bankruptcy allows debtors to suspend loss of property while bankruptcy courts work out payment plans or discharge of debts, but foreclosure is the action of lenders to repossess property on which debtors owe p... More » Business & Finance Personal Banking

Nolo defines Chapter 7 bankruptcy as when an individual asks the courts to erase a majority of the debts that he owes and Chapter 13 bankruptcy as when an individual applies for a repayment plan to pay back either all or... More » Business & Finance Personal Banking