What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is similar to Chapter 7, with some notable restrictions. The court-supervised debt adjustment procedure is available for debtors with regular income whose unsecured debts total less than $269,250 and secured debts total less than $807,750. The Chapter 13 bankruptcy petition is by and large identical to the Chapter 7 bankruptcy petition; both include a detailed financial statement and a complete list of assets and liabilities. The filing fee for a Chapter 13 bankruptcy is $185.

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