It is a way of filing a bankruptcy in which the law provides a re-organisation of the assest and finanace including private properties in order to repay the debts owed by the person. Usually it allows 3-5 years time frame for the payment of the debts to the creditors without the creditor claiming the same for the specified period. The creditors may...
Found on
http://www.encyclo.co.uk/local/21213
A type of consumer bankruptcy designed to help debtors reorganize their debts and pay all or a portion of them over three to five years. In Chapter 13 bankruptcy, debtors keep their property and use their income to repay creditors according to a monthly repayment plan. At the end of the three-to-five-year period, the balance of what the debtor owes...
Found on
http://www.nolo.com/dictionary/chapter-13-bankruptcy-term.html
this type of bankruptcy sets a payment plan between the borrower and the creditor monitored by the court. The homeowner can keep the property, but must make payments according to the court's terms within a 3 to 5 year period.
Found on
https://www.encyclo.co.uk/local/21674
No exact match found.
