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, making it easier to manage their financial obligations while keeping their assets. This type of bankruptcy is often chosen by those who want to avoid foreclosure on their homes or catch up on missed payments. By filing for Chapter 13 Bankruptcy, individuals can protect their property and work towards regaining financial stability under the supervision of the bankruptcy court.