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 all or part of their debts over a period of three to five years. This type of bankruptcy is often chosen by those who want to keep their assets, such as a home or car, while managing their financial obligations. To file for Chapter 13 bankruptcy, individuals must meet certain eligibility requirements, including having a secured and unsecured debt below specific limits. The process involves submitting a repayment plan to the court, which must be approved before payments can begin. This option provides a structured way to regain financial stability while avoiding liquidation of assets.