Chapter 13 Bankruptcy Definition

Chapter 13 bankruptcy is a court-approved repayment plan for sole proprietorships that are unable to pay creditors.

Chapter 13 Bankruptcy Expanded Definition
Chapter 13 bankruptcy’s repayment plan can enable a sole proprietor to repay debt over a specific time period.

With Chapter 13’s court-approved plan, the individual’s business and personal assets can be protected.

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Last Updated By

Rachel Blakely-Gray | Apr 17, 2023