Definition from Nolo’s Plain-English Law Dictionary
A document the debtor must file in a Chapter 13 bankruptcy, showing the debtor's proposal for repaying debts. Typically, a Chapter 13 plan requires the debtor to make set payments once or twice a month, which the bankruptcy trustee uses to pay creditors. The plan must last for three to five years, and the debtor must devote all disposable income to the plan.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:12 pm