Chapter 13 of the Bankruptcy Reform Act of 1978 refers to debt restructuring, allowing individuals to repay creditors over time, typically through a repayment plan.
Chapter 13 of the 1978 Bankruptcy Act, also known as a wage earner's bankruptcy plan, allows individuals with a regular income to create a court-monitored repayment plan to pay back debts over a 3- to 5-year period while keeping their property.
