Chapter 13 – Adjustment of Debts of an Individual with Regular Income

E354495

Chapter 13 – Adjustment of Debts of an Individual with Regular Income is a U.S. bankruptcy law provision that allows qualifying individuals with steady income to reorganize and repay their debts over time under court-approved plans.

All labels observed (2)

How this entity was disambiguated

Statements (48)

Predicate Object
instanceOf U.S. bankruptcy law provision ⓘ
chapter of the United States Bankruptcy Code ⓘ
administeredBy United States bankruptcy courts ⓘ
alsoKnownAs Chapter 13 bankruptcy ⓘ
wage earner’s plan ⓘ
amendedBy Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ⓘ
appliesTo individual debtors with regular income ⓘ
married couples filing jointly ⓘ
benefit can protect co-debtors on certain consumer debts through the co-debtor stay ⓘ
can reschedule certain secured debts over the life of the plan ⓘ
can stop foreclosure and allow curing of mortgage defaults ⓘ
codifiedIn 11 U.S.C. §§ 1301–1330 ⓘ
contrastedWith Chapter 11 – Reorganization ⓘ
Chapter 7 – Liquidation ⓘ
doesNotApplyTo most corporations ⓘ
most partnerships ⓘ
eligibilityCriterion debtor must be an individual ⓘ
debtor must complete required credit counseling before filing ⓘ
debtor must have regular income ⓘ
debtor’s debts must be within statutory limits ⓘ
feature allows debtor to keep property while repaying debts ⓘ
imposes an automatic stay on most collection actions ⓘ
may allow cramdown of certain secured claims subject to statutory limits ⓘ
may allow stripping of certain wholly unsecured junior liens on real property ⓘ
permits curing of arrears on secured debts such as mortgages ⓘ
plan payments are distributed to creditors by the trustee ⓘ
provides for discharge of certain remaining debts after plan completion ⓘ
provides for installment payments to creditors over time ⓘ
requires good faith in proposing the plan ⓘ
requires payments to a Chapter 13 trustee ⓘ
requires that unsecured creditors receive at least as much as in a Chapter 7 liquidation ⓘ
governedBy Federal Rules of Bankruptcy Procedure ⓘ
historicalContext created to provide a structured repayment alternative to liquidation for individuals ⓘ
includesProvision co-debtor stay under 11 U.S.C. § 1301 ⓘ
jurisdiction United States ⓘ
legalBasis United States Bankruptcy Code ⓘ
maximumPlanLength five years under most circumstances ⓘ
overseenBy United States trustee or bankruptcy administrator program ⓘ
partOf Title 11 of the United States Code ⓘ
primaryPurpose adjustment and reorganization of debts of an individual with regular income ⓘ
allow debtors to repay creditors over time under court supervision ⓘ
requires court confirmation of the repayment plan ⓘ
filing of a petition in bankruptcy court ⓘ
regular income sufficient to fund a repayment plan ⓘ
submission of a repayment plan ⓘ
resultOfCompletion entry of a Chapter 13 discharge for eligible debts ⓘ
typicalPlanLength five years ⓘ
three years ⓘ

How these facts were elicited

Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

Title 11 of the United States Code → contains → Chapter 13 – Adjustment of Debts of an Individual with Regular Income ⓘ
Bankruptcy Reform Act of 1978 → governs → Chapter 13 adjustment of debts of an individual with regular income ⓘ
linked to: Chapter 13 – Adjustment of Debts of an Individual with Regular Income