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What is Chapter 13 Bankruptcy?

Chapter 13 Bankruptcy, unlike Chapter 7, does not necessarily discharge all of your debts. Instead, under a Chapter 13 plan, you use your income to pay back some or all of what you owe to your creditors, mostly in a three-year time period (though, some do last longer). To file Chapter 13 Bankruptcy, you must have a steady income, secured debts less than $870,000, and unsecured debts of less than $290,000.