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Chapter 13 is a debt repayment option for individuals (with regular income) whose debts do not exceed $360,745 in unsecured debts and $1,081,400 in secured debts, including individuals who operate businesses as sole proprietorships.
Corporations and partnerships cannot file under Chapter 13. Generally, Chapter 13 allows a debtor to keep property by repaying creditors with future income. Each Chapter 13 debtor proposes a personalized repayment plan which must be approved by the Court.
All amounts set forth in the proposed repayment plan must be paid to the Chapter 13 Trustee, who distributes the funds for a nominal fee. Some non-dischargeable debts can be paid over time in a Chapter 13 plan.
After the completion of all payments within a 3 - 5 year window, Chapter 13 debtors receive a discharge of most debts.
It is extraordinarily difficult for debtors without counsel to develop and successfully prosecute plans of reorganization to obtain confirmation.
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