Chapter 13 is the "wage earner" bankruptcy. It is also available to small uncorporated businesses owned and operated by individuals. If you have regular income and a desire to pay your debts, (or a portion of them) but currently are unable to do so, you may be able to propose and carry out a repayment plan under which creditors are paid over an extended period of time under court supervision and protection. It is possible that you could have a five year period to adjust your debts in this way while creditors are prohibited from starting or continuing collection efforts.
Any individual is eligible for Chapter 13 relief as long as the individual's unsecured debts and secured debts are less than certain amounts. Contact a qualified attorney to determine if this chapter is right for you.
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