What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is another way for individuals to tackle their financial situation so that they are able to move forward with a brighter financial future. This chapter of bankruptcy requires the individual to pay back some of their debt through a three to five year repayment plan. The payments are based on your income and what you can afford. After the repayment period has been completed, the remainder of your unsecured debt is discharged, tax-free.