Chapter 13 bankruptcy is a legal process that allows individuals with a regular income to reorganize their debts. It enables them to create a repayment plan to pay off their debts over three to five years, while keeping their assets. This type of bankruptcy is often chosen by those who want to avoid foreclosure on their homes or repossession of their vehicles. To file for Chapter 13, individuals must submit a repayment plan to the court, detailing how they will pay their creditors. Once approved, the plan allows them to make manageable monthly payments, providing a structured way to regain financial stability while protecting their property from creditors.