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 plan
A 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. . 1990.

Look at other dictionaries:

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  • 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

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