h of the following best describes Chapter 13 bankruptcy? . Chapter 13 bankruptcy involves liquidating all assets . Chapter 13 bankruptcy is only for farmers and fishermen. . Chapter 13 bankruptcy forgives all debts immediately. Chapter 13 bankruptcy involves reorganizing debts to pay over 3 to 5 years.

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h of the following best describes Chapter 13 bankruptcy? . Chapter 13 bankruptcy involves liquidating all assets . Chapter 13 bankruptcy is only for farmers and fishermen. . Chapter 13 bankruptcy forgives all debts immediately. Chapter 13 bankruptcy involves reorganizing debts to pay over 3 to 5 years.

Answer 1

Chapter 13 bankruptcy involves reorganizing debts to pay over 3 to 5 years. It allows individuals with regular income to create a plan to repay all or a portion of their debts over a period of three to five years. Unlike Chapter 7 bankruptcy (which involves liquidating assets), Chapter 13 allows debtors to keep their property. It's also not limited to farmers and fishermen; it's available to many individuals and small business owners. And while it provides a structured way to repay debts, it doesn't forgive all debts immediately.

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