Chapter 13

Definition

The part of the U.S. bankruptcy code allowing an individual to begin debt repayment without forfeiting property. Chapter 13 requires that the debtor maintain a source of income and adhere to a payment schedule set forth by the court.

Use Chapter 13 in a sentence

They filed for chapter 13 and they became very depressed because they had never done that in the past before.

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The attorney had suggested that the client file for a chapter 13 instead of a 7 because his income was too high.

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ABC Company was forced to declare Chapter 13 bankruptcy due to the failure of their latest ad campaign and low sales of their newest product.

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