Chapter 13 Bankruptcy

Chapter 13 Bankruptcy: Definition:
This type of bankruptcy does not absolve one of responsibility for one's debts but instead allows the indebted to reorganize and restructure so as to repay the debts over time based on a court-approved rehabilitation plan. Those filing for Chapter 13 may be legally barred from obtaining additional credit without permission from a court, and the record of the filing will negatively affect one's credit for 7-10 years regardless of any legal barriers.

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