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Simple English definitions for legal terms

Chapter 13

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A quick definition of Chapter 13:

Chapter 13 is a part of the law in the United States that helps people who have a regular income and are struggling to pay their debts. It allows a person's earnings to be collected by a trustee and paid to creditors through a court-approved debt-repayment plan. This plan is sometimes called a wage-earner's plan or an income-based plan. The debtor can propose a plan to extend or reduce the balance of their obligations and receive a discharge from unsecured debts upon completion of the payments under the plan. If the plan is made in good faith and pledges all of the debtor's disposable income for three years, it will be confirmed. Chapter 13 helps people get back on track with their finances and pay off their debts over time.

A more thorough explanation:

Chapter 13 is a section of the United States Bankruptcy Code that allows individuals with a regular income to create a court-approved debt-repayment plan. This plan is sometimes called a wage-earner's plan or an income-based plan. The plan is administered by a trustee who collects the debtor's earnings and distributes them to creditors according to the plan.

Under Chapter 13, the debtor can propose a plan to extend or reduce the balance of their obligations and receive a discharge from unsecured debts upon completion of the payments under the plan. The plan must be made in good faith and must pledge all of the debtor's disposable income for three years. If the plan meets these requirements and creditors receive what they would have received under Chapter 7, it will be confirmed.

For example, if John has a regular income and owes $50,000 in unsecured debt, he may file for Chapter 13 bankruptcy. He proposes a plan to pay $500 per month for three years, totaling $18,000. The trustee collects John's earnings and distributes the payments to his creditors according to the plan. At the end of the three years, John receives a discharge from his remaining unsecured debt.

Another example is Sarah, who owns a small business and has a regular income. She owes $100,000 in debt, including $50,000 in unsecured debt. Sarah files for Chapter 13 bankruptcy and proposes a plan to pay $1,000 per month for five years, totaling $60,000. The trustee collects Sarah's earnings and distributes the payments to her creditors according to the plan. At the end of the five years, Sarah receives a discharge from her remaining unsecured debt.

Chapter 12 | Chapter 20

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JumpySubsequentDolphin
20:43
@SplitterusClitterus: GARAGE JEANS FIT ME SO WEIRDLY WHICH SUCKS BC THEYRE SO CUTE
m10
20:43
The cool thing about V2 was it was an infinitely generating collection so they would have never sold out but they ended it early cus of the bear market.
@JumpySubsequentDolphin: NAURRR i need to try them on to see. ive never owned anything from them exceot maybe a tank in middle school?? but ive been a longtime lurker/windowshopper/fan
JumpySubsequentDolphin
20:45
SPLITTY if their jeans fit on my thighs they’re too big on my waist!!! it’s so frustrating
NOOO THEIR WHITE GIRL JEANS actually idk why im surprised
THEYRE**** THAT WAS AUTOCORREXT I SWEAR
babycat
20:46
@m10: infinitely generating means it comes up with new pictures? or new copies of the same pictures?
JumpySubsequentDolphin
20:46
if you’re the slightest bit curvy they are so obnoxious. me and my Abercrombie curve love’s are good together
SHUT UP I LOVE ABERCROMBIE JEANS
m10
20:47
Did y'all see this from ararara last night? https://studicata.com/case-briefs/all/
THOSE FIT SOO GOOD. i desperately need new jeans tho i ahvent gone shopping in millennia so a discount would come in clutch
JumpySubsequentDolphin
20:48
I got these jeans from re/done on a crazy sale and I love them BYT RHEY HAVE FIVE BUTTONS
JumpySubsequentDolphin
20:48
I DIDNT REALIZE WHEJ I BOUGHT THEM BC THEYRE HIDDEN. LIKE INSTEAD OF A ZIPPER THEYREBALL BUTTONS
JumpySubsequentDolphin
20:48
what if I have to pee.
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
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