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Chapter 13 Bankruptcy
The government has decided various categories of bankruptcy so as to distinguish among various types of debtors who may apply for bankruptcy and the levels of exemption they will be allowed.
What is Chapter 13 bankruptcy?
It is specifically for those individuals who would pay off their outstanding debts within a period of three to five years. If the person has non-exempt property that he wants to keep, he could go in for this option. Also, it is preferred by those who have a certain fixed or reliable income each month, and who would have a reasonable amount left over each month after making payments towards their outstanding debts. However, it is the individual’s responsibility to check if they would be eligible to apply for Chapter 13 bankruptcy or they would have to go in for Chapter 7.
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