Asked on 1/22/2009 by Eric Twinge - CyberdineAnswered by ABC Staff
A Chapter 13 bankruptcy is really a personal bankruptcy used by an individual who is involved in a failed or failing business who wants to protect his or her personal assets. A sole proprietor, for example, may file for bankruptcy under Chapter 13 provisions. Like Chapter 11, the business is placed on a reorganization plan which is supervised by the court.
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