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Debtor Discharge And Creditor Repayment In Chapter 13, Scott F. Norberg

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The consumer bankruptcy system plays an enormous albeit largely under appreciated role in the United States economy. There were nearly 1.6 million consumer bankruptcy filings in the United States in 2004 - more than twice the number just ten years earlier, and more than one filing for every 70 households in the country. Nearly a third of these filings were under Chapter 13 of the Bankruptcy Code. (Chapter 13 provides for individual debt readjustment pursuant to a repayment plan, whereas Chapter 7 provides for liquidation of assets to pay creditor claims.) Yet, little is known about what debtors and creditors …