Topical Terminology > Chapter 13
Chapter 13
For Chapter 13 we have a term and definition in Debt Consolidation.
Chapter 13 (Debt Consolidation) 
In a Chapter 13 agreement, the court creates a debt repayment plan that allows the filer to keep their property. In order to file Chapter 13, a person must have a source of income and promise to pay part of their income to creditors. The court allows the filer to keep any assets that have debts against them if they pay them off under terms determined by the court. A Chapter 13 filing will remain on a credit report for 10 years. With Chapter 13, there is a better chance of obtaining future loans and credit.
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