Through Chapter 13 bankruptcy, the debtor proposes a plan to repay creditors within three to five years. The plan details the repayment of debts. The debtor usually retains his assets and creditors are repaid an amount less than they were entitled to had the debtor NOT filed for bankruptcy.
[compare Chapter 13 with Chapter 7]
13- requires a steady income to fund the plan. Debtor wants to retain property. Debtor has a larger estate or non-exempt property that could be sold through a chapter 7.
