What is Chapter 13 Bankruptcy?

This is a "reorganization" used by people to come up with a way to pay all or part of their debts over a period of time based on their income. It involves developing a plan to show how you will pay off some of your debts over the course of three to five years. You get to keep you property, so this can be a useful option if you have a home with a mortgage or a car with a loan.