wage earner's plan
- Wage earner's plan (Chapter 13).Under Chapter 13 of the Bankruptcy Code, any insolvent debtor who is a wage earner (earns wages, salary, or commission) can formulate and file a plan with the court that provides the debtor with additional time to pay off unsecured creditors. The debtor's plan must provide that future earnings will be subject to the supervision and control of the trustee until these debts are satisfied. A plan made in good faith and acceptable to the unsecured creditors will be confirmed by the court. Should the wage earner ultimately be unable to pay the debts, Chapter 7 liquidation is still an available alternative+ wage earner's planA type of partial bankruptcy in which a person keeps his or her property and pays off a court-established proportion of debt over a period of time and under court supervision.See Bankruptcy Code Ch. 13, "Adjustment of Debts of An Individual With Regular Income".
Black's law dictionary. HENRY CAMPBELL BLACK, M. A.. 1990.
Look at other dictionaries:
wage earner's plan — A form of bankruptcy under a former federal law whereby an individual retained her property and paid off a debt over a period of time, as determined by a court and subject to supervision by the court. Dictionary from West s Encyclopedia of… … Law dictionary
wage earner's plan — A chapter 13 plan of reorganization (SA Bankruptcy.com) United Glossary of Bankruptcy Terms 2012 … Glossary of Bankruptcy
wage-earner's plan — A proceeding provided by Chapter XIII of the Bankruptcy Act, the function of which is to assist the financial rehabilitation of a debtor who qualifies as a wage earner, without adjudicating him a bankrupt. 9 Am J2d BanKr §§ 1382 et seq … Ballentine's law dictionary
Chapter 13 - Wage Earner's Plan — A petition designed for any insolvent debtor who is a wage earner to provide the debtor with additional time to pay off creditors (Legal Dictionary: Bankruptcy Law) United Glossary of Bankruptcy Terms 2012 … Glossary of Bankruptcy
claim in proceeding for wage earner's plan — A claim of whatever character against the debtor or his property, whether or not provable as a debt in ordinary bankruptcy, and whether secured or unsecured, liquidated or unliquidated, fixed or contingent, but not a claim secured by an estate in … Ballentine's law dictionary
Wage Earner Plan (Chapter 13 Bankruptcy) — Also known as a Chapter 13 bankruptcy, this enables individuals with regular income to develop a plan to repay all or part of their debts for a period of three to five years. The repayment period depends on the debtor s monthly income as compared … Investment dictionary
wage-earner — Literally, one who earns wages. For the purpose of the exception from involuntary adjudication in bankruptcy, an individual who works for wages, salary, or hire at a rate of compensation not exceeding $1,500 per year. Bankruptcy Act § 1(32); 11… … Ballentine's law dictionary
Chapter 13 (wage earner's) bankruptcy — See bankruptcy proceedings (wage earner s plan) … Black's law dictionary
Registered Retirement Savings Plan — A Registered Retirement Savings Plan or RRSP is an account that provides tax benefits for saving for retirement in Canada. RRSP refers to a provision in the Income Tax Act that allows a person to shelter financial property from income taxes.RRSPs … Wikipedia
bankruptcy proceedings — General term for the various types of proceedings under the Bankruptcy Code (11 U.S.C.A.) that are initiated either by an insolvent individual or business (termed a voluntary bankruptcy) or by creditors (termed an involuntary bankruptcy) seeking… … Black's law dictionary