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 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)