CHAPTER 13

Chapter 13 refers to a provision of the U.S. Bankruptcy Code that allows individuals with regular income to reorganize their debts. It enables debtors to create a repayment plan to pay back all or part of their debts over three to five years while keeping their assets. This process, often called “wage earner’s plan,” helps people manage their financial difficulties without losing their property, providing a structured way to regain financial stability while maintaining a sense of control over their situation.