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The FindLaw Legal Dictionary -- free access to over 8260 definitions of legal terms. Search for a definition or browse our legal glossaries.

term:

Chapter 13 Bankruptcy

chapter 13 bankruptcy

this type of bankruptcy sets a payment plan between the borrower and the creditor monitored by the court. The homeowner can keep the property, but must make payments according to the court's terms within a 3 to 5 year period.



Source: U.S. Department of Housing and Urban Development

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