Chapter 13 of the Federal Bankruptcy Code is often referred to as the Wage Earner's plan. Chapter 13 is also a reorganization plan which provides for the adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually over 3 to 5 years. Individuals seeking relief under Chapter 13, must have a regular income and also fall within defined debt limits to be elgible to file under this chapter.
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