Lesson 10: Chapter 13: Wage Earner's Plan

Chapter 13, also known as the Wage Earner's Plan, is a type of bankruptcy designed for individuals with a regular income. It allows the debtor to keep their property and pay debts over time, usually three to five years.

Key Provisions of Chapter 13

Under Chapter 13, debtors can file a repayment plan proposal, which must be approved by the bankruptcy court. This plan should detail how the debtor plans to repay creditors over the next three to five years. Learn more about bankruptcy law in this comprehensive guide.