Chapter 13 – Adjustment of Debts of an Individual with Regular Income

E354495

Chapter 13 – Adjustment of Debts of an Individual with Regular Income is a U.S. bankruptcy law provision that allows qualifying individuals with steady income to reorganize and repay their debts over time under court-approved plans.

All labels observed (2)

How this entity was disambiguated

Statements (48)

Predicate Object
instanceOf U.S. bankruptcy law provision
chapter of the United States Bankruptcy Code
administeredBy United States bankruptcy courts
alsoKnownAs Chapter 13 bankruptcy
wage earner’s plan
amendedBy Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
appliesTo individual debtors with regular income
married couples filing jointly
benefit can protect co-debtors on certain consumer debts through the co-debtor stay
can reschedule certain secured debts over the life of the plan
can stop foreclosure and allow curing of mortgage defaults
codifiedIn 11 U.S.C. §§ 1301–1330
contrastedWith Chapter 11 – Reorganization
Chapter 7 – Liquidation
doesNotApplyTo most corporations
most partnerships
eligibilityCriterion debtor must be an individual
debtor must complete required credit counseling before filing
debtor must have regular income
debtor’s debts must be within statutory limits
feature allows debtor to keep property while repaying debts
imposes an automatic stay on most collection actions
may allow cramdown of certain secured claims subject to statutory limits
may allow stripping of certain wholly unsecured junior liens on real property
permits curing of arrears on secured debts such as mortgages
plan payments are distributed to creditors by the trustee
provides for discharge of certain remaining debts after plan completion
provides for installment payments to creditors over time
requires good faith in proposing the plan
requires payments to a Chapter 13 trustee
requires that unsecured creditors receive at least as much as in a Chapter 7 liquidation
governedBy Federal Rules of Bankruptcy Procedure
historicalContext created to provide a structured repayment alternative to liquidation for individuals
includesProvision co-debtor stay under 11 U.S.C. § 1301
jurisdiction United States of America
surface form: United States
legalBasis United States bankruptcy law
surface form: United States Bankruptcy Code
maximumPlanLength five years under most circumstances
overseenBy United States trustee or bankruptcy administrator program
partOf Title 11 of the United States Code
primaryPurpose adjustment and reorganization of debts of an individual with regular income
allow debtors to repay creditors over time under court supervision
requires court confirmation of the repayment plan
filing of a petition in bankruptcy court
regular income sufficient to fund a repayment plan
submission of a repayment plan
resultOfCompletion entry of a Chapter 13 discharge for eligible debts
typicalPlanLength five years
three years

How these facts were elicited

Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

Title 11 of the United States Code contains Chapter 13 – Adjustment of Debts of an Individual with Regular Income
Bankruptcy Reform Act of 1978 governs Chapter 13 – Adjustment of Debts of an Individual with Regular Income
this entity surface form: Chapter 13 adjustment of debts of an individual with regular income