Chapter 13 Bankruptcy Definition and Legal Meaning

It is a way of filing a bankruptcy in which the law provides a re-organisation of the assest and finanace including private properties in order to repay the debts owed by the person. Usually it allows 3-5 years time frame for the payment of the debts to the creditors without the creditor claiming the same for the specified period. The creditors may or may not receive the full payment.Thats means the personal assets of the debtors are not liquidated to meet the debts owed.