Thank you for visiting Chapter 13 of the Bankruptcy Act permits only voluntary bankruptcies and is restricted to those with steady incomes and somewhat limited debts True or False. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
True. Chapter 13 of the Bankruptcy Act is a type of bankruptcy protection that is available to individuals who have a steady income and relatively limited debts.
This type of bankruptcy is known as a "reorganization bankruptcy" because it allows the debtor to work with a trustee to develop a plan to repay their debts over a period of three to five years.
One of the main requirements for a debtor to be eligible for Chapter 13 bankruptcy is that they must have a steady income. This means that they must be able to demonstrate that they have a regular source of income that is sufficient to cover their living expenses and make regular payments to their creditors.
In addition to having a steady income, Chapter 13 bankruptcy is also restricted to individuals who have relatively limited debts. This means that the total amount of debt that the debtor owes must be less than the median household income in the debtor's state.
Overall, Chapter 13 bankruptcy is a type of bankruptcy protection that is designed for individuals who have a steady income and relatively limited debts. It allows the debtor to work with a trustee to develop a plan to repay their debts over a period of time, which can help them to regain control of their finances and rebuild their credit.
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