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English definition of “Chapter 13”

Chapter 13

noun [U]
 
 
LAW, FINANCE a part of the US law dealing with bankruptcy, in which a plan is made for collecting the money that a person or company will earn in the future so that it can be used to pay back debts to the people who are owed money: They took the decision to file for chapter 13 bankruptcy. Chapter 13 bankruptcy can help debtors save their homes.
(Definition of Chapter 13 from the Cambridge Business English Dictionary © Cambridge University Press)
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