Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a delayed “fresh start” bankruptcy. For those individuals who cannot qualify for a Chapter 7 , they may qualify for Chapter 13. Only individuals can file a Chapter 13 bankruptcy, corporations and partnerships are not “individuals.” However, a sole proprietorship business may qualify. As of the filing date, the debtor must owe less than $383,175 of liquidated, non-contingent unsecured debts, and less than $1,149,525 of liquidated, non-contingent secured debts. See Chapter 13 Bankruptcy Basics .
Differences between Chapter 13 and Chapter 11 under the Small Business Reorganization Act
Chapter 13 Bankruptcy starts at $1000
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