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Meaning of “Chapter 13” in the English Dictionary

"Chapter 13" in Business English

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Chapter 13noun [U]

uk   us  
LAW, FINANCE a ​part of the US ​lawdealing 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 ​owedmoney: They took the decision to file for ​chapter 13 ​bankruptcy. Chapter 13 ​bankruptcy can ​helpdebtorssave their homes.
(Definition of Chapter 13 from the Cambridge Business English Dictionary © Cambridge University Press)
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