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Chapter 13 of the 1978 Bankruptcy Act

Chapter 13 of the 1978 Bankruptcy Act, also known as a wage earner's bankruptcy plan, allows individuals with a regular income to create a court-monitored repayment plan to pay back debts over a 3- to 5-year period while keeping their property.

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Chapter 13 of the 1978 Bankruptcy Act

Definition

Chapter 13 of the 1978 Bankruptcy Act, commonly referred to as a wage earner’s bankruptcy plan, is a type of bankruptcy that enables individuals with regular income to develop a plan to repay all or part of their debts. Under this plan, debtors