Chapter 13 bankruptcy permits individuals and small-business owners to repay creditors over a period of three to five years.

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Chapter 13 bankruptcy does indeed allow individuals and small-business owners to create a repayment plan over a period of three to five years. This allows them to repay their debts while retaining their assets, unlike in Chapter 7 bankruptcy where assets may be sold to pay off creditors.

Chapter 13 Bankruptcy Permits Individuals and Small-Business Owners to Repay