Chapter 13 Bankruptcy Definition
December 12, 2014treehouseadmin
Chapter 13 bankruptcy is a court-approved repayment plan for individuals or sole proprietorships (the individual and business are the “same entity”) who are unable to pay creditors.
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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