One of the mysteries of the English language finally explained.
Protection from creditors granted to individuals who legally file for bankruptcy, providing for repayment of debts by a court-approved plan.
- ‘When most companies file Chapter 13, tangible assets are sold - often to competitors, and usually for pennies on the dollar.’
- ‘In addition, the law will require many debtors to pay higher legal fees and agree to a court-ordered repayment plan under Chapter 13 rather than have their debts discharged completely in a nonjudicial proceeding.’
- ‘Already, more than 60% of people who file under Chapter 13 don't complete their plans, meaning they could lose their homes and cars.’
- ‘Instead, more people would be required to file under Chapter 13, which requires you to repay at least part of what you owe over several years.’
- ‘I deliberately chose Chapter 13 so that I could complete paying my creditors.’
With allusion to Chapter 13 of the US bankruptcy code.
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