Bankruptcy Chapter 13 is similar to Chapter 11. The main difference being that under chapter 13 there is a limit regarding the amount of money owed to the creditors.
It is primarily meant for individuals who have a regular source of income where they are allowed to follow a debt repayment plan. It is also known as Wage earner’s bankruptcy. The US Bankruptcy Code gives the debtor a ceiling of 5 years, which means that the creditors need to be paid back within that time-period.
This is information only in nature and is not legal advice nor does it take the place of consulting with a licensed attorney. Please consult with a licensed attorney for your legal rights.