What is a Chapter 13 bankruptcy?

Chapter 13 bankruptcy, also known as a reorganization bankruptcy, is filed by individuals who want to pay off their debts over a period of three to five years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep. It is also the only option now available to individuals who have steady and predictable income which is sufficient to pay their reasonable expenses with some amount left over to pay off their debts.

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